Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,493/mo
Lowest payment- Down payment
- $10,600
- Funds due
- $21,558
- Interest + MI left
- $321,195
- First ends
- Apr 2054
New loan
New conventional
$2,631/mo
+$138/mo- Down payment
- $35,500
- Funds due
- $44,445
- Interest + MI left
- $467,162
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $344,400 | $319,500 |
| Second mortgage | — | — |
| First P&I | $1,925.88 | $2,164.40 |
| Second P&I | — | — |
| Mortgage insurance | $164.62 | $63.90 |
| Taxes, insurance & HOA | $403.00 | $403.00 |
| Total housing payment | $2,493.50 | $2,631.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,600
Closing costs & prepaids$10,958
Usable credit−$0
Total buyer cash needed$21,558
Earnest money paid−$0
Remaining funds due$21,558
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$426.00
Initial HOA (3 months)$333.00
Prepaid interest, first (9 days)$423.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing27 yr 4 moOf the original 30-year loan at 4.99%
Interest already paid$46,863Through Dec 2026
Assumption only · ends Apr 2054$321,195
New conventional · ends Jan 2057$467,162