Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,097/mo
+$220/mo- Down payment
- $31,336
- Funds due
- $42,305
- Interest + MI left
- $502,356
- First ends
- Feb 2054
New loan
New conventional
$2,877/mo
Lowest payment- Down payment
- $37,990
- Funds due
- $46,778
- Interest + MI left
- $518,530
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $348,564 | $341,910 |
| Second mortgage | — | — |
| First P&I | $2,491.19 | $2,367.32 |
| Second P&I | — | — |
| Mortgage insurance | $164.26 | $68.38 |
| Taxes, insurance & HOA | $441.50 | $441.50 |
| Total housing payment | $3,096.95 | $2,877.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,336
Closing costs & prepaids$10,970
Usable credit−$0
Total buyer cash needed$42,305
Earnest money paid−$0
Remaining funds due$42,305
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$478.50
Initial HOA (3 months)$396.00
Prepaid interest, first (1 days)$71.05
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 closing27 yr 3 moOf the original 30-year loan at 7.440%
Interest already paid$72,386Through Nov 2026
Assumption only · ends Feb 2054$502,356
New conventional · ends Dec 2056$518,530