Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,782/mo
Lowest payment- Down payment
- $28,627
- Funds due
- $40,010
- Interest + MI left
- $418,626
- First ends
- Nov 2054
New loan
New conventional
$2,811/mo
+$29/mo- Down payment
- $38,000
- Funds due
- $47,278
- Interest + MI left
- $500,061
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $351,373 | $342,000 |
| Second mortgage | — | — |
| First P&I | $2,190.52 | $2,316.83 |
| Second P&I | — | — |
| Mortgage insurance | $165.32 | $68.40 |
| Taxes, insurance & HOA | $426.00 | $426.00 |
| Total housing payment | $2,781.84 | $2,811.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,627
Closing costs & prepaids$11,383
Usable credit−$0
Total buyer cash needed$40,010
Earnest money paid−$0
Remaining funds due$40,010
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Initial HOA (3 months)$372.00
Prepaid interest, first (9 days)$530.24
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 6.12%
Interest already paid$45,431Through Dec 2026
Assumption only · ends Nov 2054$418,626
New conventional · ends Jan 2057$500,061