Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,999/mo
+$60/mo- Down payment
- $34,636
- Funds due
- $46,056
- Interest + MI left
- $435,532
- First ends
- Aug 2054
New loan
New conventional
$2,939/mo
Lowest payment- Down payment
- $35,000
- Funds due
- $44,274
- Interest + MI left
- $477,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $315,364 | $315,000 |
| Second mortgage | — | — |
| First P&I | $2,155.71 | $2,181.00 |
| Second P&I | — | — |
| Mortgage insurance | $148.06 | $63.00 |
| Taxes, insurance & HOA | $694.92 | $694.92 |
| Total housing payment | $2,998.68 | $2,938.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,636
Closing costs & prepaids$11,420
Usable credit−$0
Total buyer cash needed$46,056
Earnest money paid−$0
Remaining funds due$46,056
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$389.75
Initial HOA (3 months)$1,245.00
Prepaid interest, first (1 days)$60.74
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 9 moOf the original 30-year loan at 7.030%
Interest already paid$50,528Through Nov 2026
Assumption only · ends Aug 2054$435,532
New conventional · ends Dec 2056$477,719