Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,923/mo
+$53/mo- Down payment
- $23,303
- Funds due
- $34,835
- Interest + MI left
- $451,194
- First ends
- Dec 2054
New loan
New conventional
$2,870/mo
Lowest payment- Down payment
- $38,750
- Funds due
- $48,144
- Interest + MI left
- $509,930
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $364,197 | $348,750 |
| Second mortgage | — | — |
| First P&I | $2,314.30 | $2,362.55 |
| Second P&I | — | — |
| Mortgage insurance | $171.01 | $69.75 |
| Taxes, insurance & HOA | $438.00 | $438.00 |
| Total housing payment | $2,923.30 | $2,870.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,303
Closing costs & prepaids$11,532
Usable credit−$0
Total buyer cash needed$34,835
Earnest money paid−$0
Remaining funds due$34,835
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,875.00
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)$465.00
Initial HOA (3 months)$399.00
Prepaid interest, first (9 days)$567.55
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 closing28 yrOf the original 30-year loan at 6.32%
Interest already paid$46,633Through Dec 2026
Assumption only · ends Dec 2054$451,194
New conventional · ends Jan 2057$509,930