Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,655/mo
+$8/mo- Down payment
- $26,521
- Funds due
- $37,083
- Interest + MI left
- $413,612
- First ends
- Nov 2054
New loan
New conventional
$2,647/mo
Lowest payment- Down payment
- $34,790
- Funds due
- $43,209
- Interest + MI left
- $474,852
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $321,379 | $313,110 |
| Second mortgage | — | — |
| First P&I | $2,087.67 | $2,167.91 |
| Second P&I | — | — |
| Mortgage insurance | $150.76 | $62.62 |
| Taxes, insurance & HOA | $416.58 | $416.58 |
| Total housing payment | $2,655.01 | $2,647.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,521
Closing costs & prepaids$10,561
Usable credit−$0
Total buyer cash needed$37,083
Earnest money paid−$0
Remaining funds due$37,083
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,479.00
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)$457.75
Initial HOA (3 months)$342.00
Prepaid interest, first (1 days)$57.58
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 6.540%
Interest already paid$42,561Through Nov 2026
Assumption only · ends Nov 2054$413,612
New conventional · ends Dec 2056$474,852