Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,497/mo
Lowest payment- Down payment
- $34,947
- Funds due
- $45,267
- Interest + MI left
- $380,637
- First ends
- Apr 2054
New loan
New conventional
$2,528/mo
+$31/mo- Down payment
- $33,500
- Funds due
- $41,692
- Interest + MI left
- $457,245
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $300,053 | $301,500 |
| Second mortgage | — | — |
| First P&I | $1,975.33 | $2,087.53 |
| Second P&I | — | — |
| Mortgage insurance | $141.76 | $60.30 |
| Taxes, insurance & HOA | $380.33 | $380.33 |
| Total housing payment | $2,497.43 | $2,528.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,947
Closing costs & prepaids$10,320
Usable credit−$0
Total buyer cash needed$45,267
Earnest money paid−$0
Remaining funds due$45,267
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$439.00
Initial HOA (3 months)$252.00
Prepaid interest, first (1 days)$54.26
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 5 moOf the original 30-year loan at 6.600%
Interest already paid$51,995Through Nov 2026
Assumption only · ends Apr 2054$380,637
New conventional · ends Dec 2056$457,245