Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,410/mo
+$152/mo- Down payment
- $17,053
- Funds due
- $26,931
- Interest + MI left
- $386,168
- First ends
- Jul 2054
New loan
New conventional
$2,258/mo
Lowest payment- Down payment
- $29,499
- Funds due
- $37,282
- Interest + MI left
- $402,635
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $277,937 | $265,491 |
| Second mortgage | — | — |
| First P&I | $1,912.70 | $1,838.21 |
| Second P&I | — | — |
| Mortgage insurance | $130.58 | $53.10 |
| Taxes, insurance & HOA | $366.42 | $366.42 |
| Total housing payment | $2,409.69 | $2,257.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,053
Closing costs & prepaids$9,878
Usable credit−$0
Total buyer cash needed$26,931
Earnest money paid−$0
Remaining funds due$26,931
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,949.90
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)$391.25
Initial HOA (3 months)$258.00
Prepaid interest, first (1 days)$53.99
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 8 moOf the original 30-year loan at 7.090%
Interest already paid$46,592Through Nov 2026
Assumption only · ends Jul 2054$386,168
New conventional · ends Dec 2056$402,635