Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,796/mo
+$1/mo- Down payment
- $22,909
- Funds due
- $33,556
- Interest + MI left
- $453,240
- First ends
- Dec 2054
New loan
New conventional
$2,796/mo
Lowest payment- Down payment
- $38,750
- Funds due
- $47,217
- Interest + MI left
- $528,903
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $364,591 | $348,750 |
| Second mortgage | — | — |
| First P&I | $2,314.30 | $2,414.67 |
| Second P&I | — | — |
| Mortgage insurance | $171.01 | $69.75 |
| Taxes, insurance & HOA | $311.17 | $311.17 |
| Total housing payment | $2,796.47 | $2,795.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,909
Closing costs & prepaids$10,647
Usable credit−$0
Total buyer cash needed$33,556
Earnest money paid−$0
Remaining funds due$33,556
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,875.00
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)$84.50
Initial HOA (3 months)$399.00
Prepaid interest, first (1 days)$63.13
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 yr 1 moOf the original 30-year loan at 6.320%
Interest already paid$44,713Through Nov 2026
Assumption only · ends Dec 2054$453,240
New conventional · ends Dec 2056$528,903