Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,834/mo
+$145/mo- Down payment
- $28,700
- Funds due
- $39,932
- Interest + MI left
- $449,944
- First ends
- Aug 2054
New loan
New conventional
$2,689/mo
Lowest payment- Down payment
- $35,990
- Funds due
- $45,068
- Interest + MI left
- $473,610
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $331,200 | $323,910 |
| Second mortgage | — | — |
| First P&I | $2,248.78 | $2,194.28 |
| Second P&I | — | — |
| Mortgage insurance | $155.71 | $64.78 |
| Taxes, insurance & HOA | $430.00 | $430.00 |
| Total housing payment | $2,834.49 | $2,689.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,700
Closing costs & prepaids$11,232
Usable credit−$0
Total buyer cash needed$39,932
Earnest money paid−$0
Remaining funds due$39,932
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$432.00
Initial HOA (3 months)$408.00
Prepaid interest, first (9 days)$567.58
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 6.95%
Interest already paid$54,444Through Dec 2026
Assumption only · ends Aug 2054$449,944
New conventional · ends Jan 2057$473,610