Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,754/mo
+$141/mo- Down payment
- $24,579
- Funds due
- $35,685
- Interest + MI left
- $421,518
- First ends
- May 2054
New loan
New conventional
$2,613/mo
Lowest payment- Down payment
- $34,490
- Funds due
- $43,463
- Interest + MI left
- $453,871
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $320,321 | $310,410 |
| Second mortgage | — | — |
| First P&I | $2,154.35 | $2,102.83 |
| Second P&I | — | — |
| Mortgage insurance | $151.15 | $62.08 |
| Taxes, insurance & HOA | $448.00 | $448.00 |
| Total housing payment | $2,753.51 | $2,612.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,579
Closing costs & prepaids$11,107
Usable credit−$0
Total buyer cash needed$35,685
Earnest money paid−$0
Remaining funds due$35,685
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,449.00
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)$414.00
Initial HOA (3 months)$480.00
Prepaid interest, first (9 days)$538.67
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 5 moOf the original 30-year loan at 6.82%
Interest already paid$57,320Through Dec 2026
Assumption only · ends May 2054$421,518
New conventional · ends Jan 2057$453,871