Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,157/mo
Lowest payment- Down payment
- $25,902
- Funds due
- $34,896
- Interest + MI left
- $307,922
- First ends
- Jun 2054
New loan
New conventional
$2,277/mo
+$119/mo- Down payment
- $30,000
- Funds due
- $36,904
- Interest + MI left
- $409,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $274,098 | $270,000 |
| Second mortgage | — | — |
| First P&I | $1,674.45 | $1,869.43 |
| Second P&I | — | — |
| Mortgage insurance | $129.74 | $54.00 |
| Taxes, insurance & HOA | $353.08 | $353.08 |
| Total housing payment | $2,157.27 | $2,276.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,902
Closing costs & prepaids$8,993
Usable credit−$0
Total buyer cash needed$34,896
Earnest money paid−$0
Remaining funds due$34,896
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$915.00
Insurance escrow (3 months)$228.75
Property tax escrow (3 months)$404.50
Initial HOA (3 months)$426.00
Prepaid interest, first (1 days)$44.12
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 7 moOf the original 30-year loan at 5.875%
Interest already paid$39,590Through Nov 2026
Assumption only · ends Jun 2054$307,922
New conventional · ends Dec 2056$409,473