Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,804/mo
+$87/mo- Down payment
- $40,765
- Funds due
- $51,965
- Interest + MI left
- $457,848
- First ends
- Aug 2054
New loan
New conventional
$2,717/mo
Lowest payment- Down payment
- $37,400
- Funds due
- $46,446
- Interest + MI left
- $492,165
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $333,235 | $336,600 |
| Second mortgage | — | — |
| First P&I | $2,277.90 | $2,280.25 |
| Second P&I | — | — |
| Mortgage insurance | $156.61 | $67.32 |
| Taxes, insurance & HOA | $369.58 | $369.58 |
| Total housing payment | $2,804.10 | $2,717.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,765
Closing costs & prepaids$11,201
Usable credit−$0
Total buyer cash needed$51,965
Earnest money paid−$0
Remaining funds due$51,965
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,740.00
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)$448.75
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$576.82
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 8 moOf the original 30-year loan at 7.02%
Interest already paid$55,320Through Dec 2026
Assumption only · ends Aug 2054$457,848
New conventional · ends Jan 2057$492,165