Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,221/mo
+$37/mo- Down payment
- $28,201
- Funds due
- $38,624
- Interest + MI left
- $311,935
- First ends
- Sep 2054
New loan
New conventional
$2,184/mo
Lowest payment- Down payment
- $26,000
- Funds due
- $34,385
- Interest + MI left
- $342,147
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $231,799 | $234,000 |
| Second mortgage | — | — |
| First P&I | $1,560.17 | $1,585.20 |
| Second P&I | — | — |
| Mortgage insurance | $108.91 | $46.80 |
| Taxes, insurance & HOA | $552.00 | $552.00 |
| Total housing payment | $2,221.08 | $2,184.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,201
Closing costs & prepaids$10,424
Usable credit−$0
Total buyer cash needed$38,624
Earnest money paid−$0
Remaining funds due$38,624
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,600.00
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)$312.00
Initial HOA (3 months)$894.00
Prepaid interest, first (9 days)$392.66
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 9 moOf the original 30-year loan at 6.87%
Interest already paid$36,308Through Dec 2026
Assumption only · ends Sep 2054$311,935
New conventional · ends Jan 2057$342,147