Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,537/mo
+$115/mo- Down payment
- $23,480
- Funds due
- $34,348
- Interest + MI left
- $367,314
- First ends
- Jun 2054
New loan
New conventional
$2,422/mo
Lowest payment- Down payment
- $29,890
- Funds due
- $38,668
- Interest + MI left
- $393,337
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $275,420 | $269,010 |
| Second mortgage | — | — |
| First P&I | $1,861.21 | $1,822.37 |
| Second P&I | — | — |
| Mortgage insurance | $129.79 | $53.80 |
| Taxes, insurance & HOA | $545.58 | $545.58 |
| Total housing payment | $2,536.58 | $2,421.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,480
Closing costs & prepaids$10,868
Usable credit−$0
Total buyer cash needed$34,348
Earnest money paid−$0
Remaining funds due$34,348
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,989.00
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)$828.00
Prepaid interest, first (9 days)$467.23
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 6 moOf the original 30-year loan at 6.88%
Interest already paid$48,081Through Dec 2026
Assumption only · ends Jun 2054$367,314
New conventional · ends Jan 2057$393,337