Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,948/mo
+$48/mo- Down payment
- $24,664
- Funds due
- $36,346
- Interest + MI left
- $439,760
- First ends
- Nov 2054
New loan
New conventional
$2,900/mo
Lowest payment- Down payment
- $37,900
- Funds due
- $47,452
- Interest + MI left
- $498,745
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $354,336 | $341,100 |
| Second mortgage | — | — |
| First P&I | $2,260.89 | $2,310.73 |
| Second P&I | — | — |
| Mortgage insurance | $166.53 | $68.22 |
| Taxes, insurance & HOA | $520.58 | $520.58 |
| Total housing payment | $2,948.01 | $2,899.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,664
Closing costs & prepaids$11,682
Usable credit−$0
Total buyer cash needed$36,346
Earnest money paid−$0
Remaining funds due$36,346
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$454.75
Initial HOA (3 months)$657.00
Prepaid interest, first (9 days)$554.80
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 6.35%
Interest already paid$47,509Through Dec 2026
Assumption only · ends Nov 2054$439,760
New conventional · ends Jan 2057$498,745