Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,738/mo
+$213/mo- Down payment
- $3,155
- Funds due
- $13,964
- Interest + MI left
- $443,070
- First ends
- Nov 2054
New loan
New conventional
$2,525/mo
Lowest payment- Down payment
- $35,100
- Funds due
- $43,760
- Interest + MI left
- $461,898
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $347,845 | $315,900 |
| Second mortgage | — | — |
| First P&I | $2,252.99 | $2,140.02 |
| Second P&I | — | — |
| Mortgage insurance | $163.37 | $63.18 |
| Taxes, insurance & HOA | $322.09 | $322.09 |
| Total housing payment | $2,738.45 | $2,525.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,155
Closing costs & prepaids$10,809
Usable credit−$0
Total buyer cash needed$13,964
Earnest money paid−$0
Remaining funds due$13,964
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,510.00
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)$421.25
Initial HOA (3 months)$95.01
Prepaid interest, first (9 days)$557.51
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 11 moOf the original 30-year loan at 6.5%
Interest already paid$47,723Through Dec 2026
Assumption only · ends Nov 2054$443,070
New conventional · ends Jan 2057$461,898