Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,965/mo
+$278/mo- Down payment
- $4,668
- Funds due
- $15,338
- Interest + MI left
- $459,194
- First ends
- Jan 2054
New loan
New conventional
$2,687/mo
Lowest payment- Down payment
- $34,999
- Funds due
- $43,517
- Interest + MI left
- $477,705
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $345,322 | $314,991 |
| Second mortgage | — | — |
| First P&I | $2,359.00 | $2,180.93 |
| Second P&I | — | — |
| Mortgage insurance | $163.34 | $63.00 |
| Taxes, insurance & HOA | $443.08 | $443.08 |
| Total housing payment | $2,965.42 | $2,687.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,668
Closing costs & prepaids$10,670
Usable credit−$0
Total buyer cash needed$15,338
Earnest money paid−$0
Remaining funds due$15,338
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.90
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)$306.25
Initial HOA (3 months)$573.00
Prepaid interest, first (1 days)$65.75
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 2 moOf the original 30-year loan at 6.950%
Interest already paid$69,155Through Nov 2026
Assumption only · ends Jan 2054$459,194
New conventional · ends Dec 2056$477,705