Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,981/mo
+$302/mo- Down payment
- $3,329
- Funds due
- $15,012
- Interest + MI left
- $411,387
- First ends
- Jul 2054
New loan
New conventional
$2,679/mo
Lowest payment- Down payment
- $30,000
- Funds due
- $39,541
- Interest + MI left
- $394,785
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $296,671 | $270,000 |
| Second mortgage | — | — |
| First P&I | $2,045.56 | $1,829.07 |
| Second P&I | — | — |
| Mortgage insurance | $139.51 | $54.00 |
| Taxes, insurance & HOA | $796.00 | $796.00 |
| Total housing payment | $2,981.07 | $2,679.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,329
Closing costs & prepaids$11,682
Usable credit−$0
Total buyer cash needed$15,012
Earnest money paid−$0
Remaining funds due$15,012
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$360.00
Initial HOA (3 months)$1,578.00
Prepaid interest, first (9 days)$519.38
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 7 moOf the original 30-year loan at 7.1%
Interest already paid$51,607Through Dec 2026
Assumption only · ends Jul 2054$411,387
New conventional · ends Jan 2057$394,785