Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,516/mo
+$184/mo- Down payment
- $7,185
- Funds due
- $17,196
- Interest + MI left
- $405,361
- First ends
- Nov 2054
New loan
New conventional
$2,332/mo
Lowest payment- Down payment
- $30,500
- Funds due
- $38,405
- Interest + MI left
- $416,298
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $297,815 | $274,500 |
| Second mortgage | — | — |
| First P&I | $1,999.52 | $1,900.58 |
| Second P&I | — | — |
| Mortgage insurance | $139.50 | $54.90 |
| Taxes, insurance & HOA | $376.50 | $376.50 |
| Total housing payment | $2,515.52 | $2,331.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,185
Closing costs & prepaids$10,011
Usable credit−$0
Total buyer cash needed$17,196
Earnest money paid−$0
Remaining funds due$17,196
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$394.50
Initial HOA (3 months)$285.00
Prepaid interest, first (1 days)$56.10
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing28 yrOf the original 30-year loan at 6.875%
Interest already paid$41,430Through Nov 2026
Assumption only · ends Nov 2054$405,361
New conventional · ends Dec 2056$416,298