Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,707/mo
+$80/mo- Down payment
- $38,710
- Funds due
- $49,285
- Interest + MI left
- $415,843
- First ends
- Nov 2053
New loan
New conventional
$2,627/mo
Lowest payment- Down payment
- $34,000
- Funds due
- $42,438
- Interest + MI left
- $464,070
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $301,290 | $306,000 |
| Second mortgage | — | — |
| First P&I | $2,117.70 | $2,118.68 |
| Second P&I | — | — |
| Mortgage insurance | $142.57 | $61.20 |
| Taxes, insurance & HOA | $446.83 | $446.83 |
| Total housing payment | $2,707.10 | $2,626.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,710
Closing costs & prepaids$10,575
Usable credit−$0
Total buyer cash needed$49,285
Earnest money paid−$0
Remaining funds due$49,285
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$464.50
Initial HOA (3 months)$426.00
Prepaid interest, first (1 days)$59.68
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 yrOf the original 30-year loan at 7.230%
Interest already paid$66,476Through Nov 2026
Assumption only · ends Nov 2053$415,843
New conventional · ends Dec 2056$464,070