Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,532/mo
+$190/mo- Down payment
- $11,658
- Funds due
- $22,303
- Interest + MI left
- $386,046
- First ends
- Sep 2054
New loan
New conventional
$2,341/mo
Lowest payment- Down payment
- $29,900
- Funds due
- $38,436
- Interest + MI left
- $393,469
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $287,342 | $269,100 |
| Second mortgage | — | — |
| First P&I | $1,932.14 | $1,822.98 |
| Second P&I | — | — |
| Mortgage insurance | $135.01 | $53.82 |
| Taxes, insurance & HOA | $464.58 | $464.58 |
| Total housing payment | $2,531.73 | $2,341.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,658
Closing costs & prepaids$10,645
Usable credit−$0
Total buyer cash needed$22,303
Earnest money paid−$0
Remaining funds due$22,303
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$358.75
Initial HOA (3 months)$585.00
Prepaid interest, first (9 days)$486.04
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 9 moOf the original 30-year loan at 6.86%
Interest already paid$44,944Through Dec 2026
Assumption only · ends Sep 2054$386,046
New conventional · ends Jan 2057$393,469