Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,136/mo
+$146/mo- Down payment
- $21,759
- Funds due
- $31,254
- Interest + MI left
- $327,619
- First ends
- Dec 2053
New loan
New conventional
$1,991/mo
Lowest payment- Down payment
- $24,900
- Funds due
- $32,345
- Interest + MI left
- $339,863
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $227,241 | $224,100 |
| Second mortgage | — | — |
| First P&I | $1,634.73 | $1,551.62 |
| Second P&I | — | — |
| Mortgage insurance | $107.26 | $44.82 |
| Taxes, insurance & HOA | $394.42 | $394.42 |
| Total housing payment | $2,136.41 | $1,990.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,759
Closing costs & prepaids$9,495
Usable credit−$0
Total buyer cash needed$31,254
Earnest money paid−$0
Remaining funds due$31,254
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,490.00
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)$460.25
Initial HOA (3 months)$273.00
Prepaid interest, first (1 days)$46.63
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 yr 1 moOf the original 30-year loan at 7.490%
Interest already paid$50,432Through Nov 2026
Assumption only · ends Dec 2053$327,619
New conventional · ends Dec 2056$339,863