Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,781/mo
+$115/mo- Down payment
- $18,323
- Funds due
- $29,015
- Interest + MI left
- $425,817
- First ends
- Aug 2054
New loan
New conventional
$2,666/mo
Lowest payment- Down payment
- $34,000
- Funds due
- $42,554
- Interest + MI left
- $464,070
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $321,677 | $306,000 |
| Second mortgage | — | — |
| First P&I | $2,144.14 | $2,118.68 |
| Second P&I | — | — |
| Mortgage insurance | $151.21 | $61.20 |
| Taxes, insurance & HOA | $485.75 | $485.75 |
| Total housing payment | $2,781.09 | $2,665.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,323
Closing costs & prepaids$10,692
Usable credit−$0
Total buyer cash needed$29,015
Earnest money paid−$0
Remaining funds due$29,015
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$557.25
Initial HOA (3 months)$450.00
Prepaid interest, first (1 days)$59.66
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 9 moOf the original 30-year loan at 6.770%
Interest already paid$49,665Through Nov 2026
Assumption only · ends Aug 2054$425,817
New conventional · ends Dec 2056$464,070