Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,642/mo
+$55/mo- Down payment
- $26,857
- Funds due
- $37,839
- Interest + MI left
- $411,739
- First ends
- Nov 2054
New loan
New conventional
$2,587/mo
Lowest payment- Down payment
- $34,790
- Funds due
- $43,660
- Interest + MI left
- $457,819
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $321,043 | $313,110 |
| Second mortgage | — | — |
| First P&I | $2,087.67 | $2,121.12 |
| Second P&I | — | — |
| Mortgage insurance | $150.76 | $62.62 |
| Taxes, insurance & HOA | $403.17 | $403.17 |
| Total housing payment | $2,641.59 | $2,586.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,857
Closing costs & prepaids$10,981
Usable credit−$0
Total buyer cash needed$37,839
Earnest money paid−$0
Remaining funds due$37,839
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,479.00
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)$417.50
Initial HOA (3 months)$342.00
Prepaid interest, first (9 days)$517.71
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 6.54%
Interest already paid$44,312Through Dec 2026
Assumption only · ends Nov 2054$411,739
New conventional · ends Jan 2057$457,819