Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,687/mo
+$18/mo- Down payment
- $25,788
- Funds due
- $36,177
- Interest + MI left
- $445,088
- First ends
- Nov 2054
New loan
New conventional
$2,668/mo
Lowest payment- Down payment
- $37,400
- Funds due
- $45,621
- Interest + MI left
- $510,477
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $348,212 | $336,600 |
| Second mortgage | — | — |
| First P&I | $2,252.99 | $2,330.55 |
| Second P&I | — | — |
| Mortgage insurance | $163.37 | $67.32 |
| Taxes, insurance & HOA | $270.59 | $270.59 |
| Total housing payment | $2,686.95 | $2,668.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,788
Closing costs & prepaids$10,389
Usable credit−$0
Total buyer cash needed$36,177
Earnest money paid−$0
Remaining funds due$36,177
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)$266.75
Initial HOA (3 months)$95.01
Prepaid interest, first (1 days)$62.01
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 6.500%
Interest already paid$45,837Through Nov 2026
Assumption only · ends Nov 2054$445,088
New conventional · ends Dec 2056$510,477