Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,914/mo
+$64/mo- Down payment
- $23,348
- Funds due
- $34,803
- Interest + MI left
- $455,045
- First ends
- Nov 2054
New loan
New conventional
$2,850/mo
Lowest payment- Down payment
- $39,000
- Funds due
- $48,312
- Interest + MI left
- $513,219
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $366,651 | $350,999 |
| Second mortgage | — | — |
| First P&I | $2,339.47 | $2,377.79 |
| Second P&I | — | — |
| Mortgage insurance | $172.32 | $70.20 |
| Taxes, insurance & HOA | $402.00 | $402.00 |
| Total housing payment | $2,913.79 | $2,849.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,348
Closing costs & prepaids$11,455
Usable credit−$0
Total buyer cash needed$34,803
Earnest money paid−$0
Remaining funds due$34,803
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.99
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)$468.00
Initial HOA (3 months)$288.00
Prepaid interest, first (9 days)$574.09
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 11 moOf the original 30-year loan at 6.35%
Interest already paid$49,160Through Dec 2026
Assumption only · ends Nov 2054$455,045
New conventional · ends Jan 2057$513,219