Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,488/mo
+$93/mo- Down payment
- $33,655
- Funds due
- $44,326
- Interest + MI left
- $389,501
- First ends
- Jul 2054
New loan
New conventional
$2,395/mo
Lowest payment- Down payment
- $31,499
- Funds due
- $40,065
- Interest + MI left
- $414,511
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $281,335 | $283,491 |
| Second mortgage | — | — |
| First P&I | $1,937.97 | $1,920.47 |
| Second P&I | — | — |
| Mortgage insurance | $132.30 | $56.70 |
| Taxes, insurance & HOA | $418.00 | $418.00 |
| Total housing payment | $2,488.27 | $2,395.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,655
Closing costs & prepaids$10,671
Usable credit−$0
Total buyer cash needed$44,326
Earnest money paid−$0
Remaining funds due$44,326
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,149.90
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)$378.00
Initial HOA (3 months)$426.00
Prepaid interest, first (9 days)$491.83
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 7 moOf the original 30-year loan at 7.09%
Interest already paid$48,872Through Dec 2026
Assumption only · ends Jul 2054$389,501
New conventional · ends Jan 2057$414,511