Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,003/mo
+$325/mo- Down payment
- $5,027
- Funds due
- $16,336
- Interest + MI left
- $457,071
- First ends
- Jan 2054
New loan
New conventional
$2,678/mo
Lowest payment- Down payment
- $34,999
- Funds due
- $44,125
- Interest + MI left
- $460,569
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $344,963 | $314,991 |
| Second mortgage | — | — |
| First P&I | $2,359.00 | $2,133.86 |
| Second P&I | — | — |
| Mortgage insurance | $163.34 | $63.00 |
| Taxes, insurance & HOA | $481.00 | $481.00 |
| Total housing payment | $3,003.34 | $2,677.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,027
Closing costs & prepaids$11,309
Usable credit−$0
Total buyer cash needed$16,336
Earnest money paid−$0
Remaining funds due$16,336
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.90
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)$420.00
Initial HOA (3 months)$573.00
Prepaid interest, first (9 days)$591.16
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 1 moOf the original 30-year loan at 6.95%
Interest already paid$71,155Through Dec 2026
Assumption only · ends Jan 2054$457,071
New conventional · ends Jan 2057$460,569