Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,079/mo
+$242/mo- Down payment
- $11,975
- Funds due
- $21,569
- Interest + MI left
- $326,119
- First ends
- Dec 2053
New loan
New conventional
$1,837/mo
Lowest payment- Down payment
- $23,900
- Funds due
- $31,417
- Interest + MI left
- $314,512
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $227,025 | $215,100 |
| Second mortgage | — | — |
| First P&I | $1,634.73 | $1,457.16 |
| Second P&I | — | — |
| Mortgage insurance | $107.26 | $43.02 |
| Taxes, insurance & HOA | $336.58 | $336.58 |
| Total housing payment | $2,078.58 | $1,836.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,975
Closing costs & prepaids$9,594
Usable credit−$0
Total buyer cash needed$21,569
Earnest money paid−$0
Remaining funds due$21,569
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,390.00
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)$286.75
Initial HOA (3 months)$273.00
Prepaid interest, first (9 days)$419.28
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 7.49%
Interest already paid$51,850Through Dec 2026
Assumption only · ends Dec 2053$326,119
New conventional · ends Jan 2057$314,512