Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,941/mo
+$186/mo- Down payment
- $23,661
- Funds due
- $34,487
- Interest + MI left
- $449,483
- First ends
- Nov 2053
New loan
New conventional
$2,755/mo
Lowest payment- Down payment
- $35,500
- Funds due
- $44,171
- Interest + MI left
- $484,543
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $331,339 | $319,500 |
| Second mortgage | — | — |
| First P&I | $2,304.98 | $2,212.15 |
| Second P&I | — | — |
| Mortgage insurance | $156.89 | $63.90 |
| Taxes, insurance & HOA | $478.83 | $478.83 |
| Total housing payment | $2,940.70 | $2,754.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,661
Closing costs & prepaids$10,826
Usable credit−$0
Total buyer cash needed$34,487
Earnest money paid−$0
Remaining funds due$34,487
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$587.50
Initial HOA (3 months)$399.00
Prepaid interest, first (1 days)$64.63
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 7.120%
Interest already paid$72,019Through Nov 2026
Assumption only · ends Nov 2053$449,483
New conventional · ends Dec 2056$484,543