Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,952/mo
Lowest payment- Down payment
- $35,583
- Funds due
- $45,309
- Interest + MI left
- $273,498
- First ends
- Oct 2054
New loan
New conventional
$2,295/mo
+$343/mo- Down payment
- $32,200
- Funds due
- $39,823
- Interest + MI left
- $439,501
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $286,417 | $289,800 |
| Second mortgage | — | — |
| First P&I | $1,585.99 | $2,006.52 |
| Second P&I | — | — |
| Mortgage insurance | $135.56 | $57.96 |
| Taxes, insurance & HOA | $230.50 | $230.50 |
| Total housing payment | $1,952.05 | $2,294.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,583
Closing costs & prepaids$9,726
Usable credit−$0
Total buyer cash needed$45,309
Earnest money paid−$0
Remaining funds due$45,309
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,220.00
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)$4.50
Initial HOA (3 months)$237.00
Prepaid interest, first (1 days)$39.16
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 11 moOf the original 30-year loan at 4.990%
Interest already paid$30,290Through Nov 2026
Assumption only · ends Oct 2054$273,498
New conventional · ends Dec 2056$439,501