Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,235/mo
+$516/mo- Down payment
- $3,472
- Funds due
- $14,791
- Interest + MI left
- $539,445
- First ends
- Dec 2053
New loan
New conventional
$2,720/mo
Lowest payment- Down payment
- $37,450
- Funds due
- $46,499
- Interest + MI left
- $492,823
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $371,028 | $337,050 |
| Second mortgage | — | — |
| First P&I | $2,691.41 | $2,283.29 |
| Second P&I | — | — |
| Mortgage insurance | $175.22 | $67.41 |
| Taxes, insurance & HOA | $368.83 | $368.83 |
| Total housing payment | $3,235.46 | $2,719.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,472
Closing costs & prepaids$11,319
Usable credit−$0
Total buyer cash needed$14,791
Earnest money paid−$0
Remaining funds due$14,791
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,745.00
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)$449.50
Initial HOA (3 months)$207.00
Prepaid interest, first (9 days)$692.55
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 closing27 yrOf the original 30-year loan at 7.57%
Interest already paid$85,624Through Dec 2026
Assumption only · ends Dec 2053$539,445
New conventional · ends Jan 2057$492,823