Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,874/mo
+$37/mo- Down payment
- $40,438
- Funds due
- $51,337
- Interest + MI left
- $459,925
- First ends
- Aug 2054
New loan
New conventional
$2,838/mo
Lowest payment- Down payment
- $37,400
- Funds due
- $46,129
- Interest + MI left
- $510,477
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $333,562 | $336,600 |
| Second mortgage | — | — |
| First P&I | $2,277.90 | $2,330.55 |
| Second P&I | — | — |
| Mortgage insurance | $156.61 | $67.32 |
| Taxes, insurance & HOA | $439.83 | $439.83 |
| Total housing payment | $2,874.35 | $2,837.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,438
Closing costs & prepaids$10,899
Usable credit−$0
Total buyer cash needed$51,337
Earnest money paid−$0
Remaining funds due$51,337
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,740.00
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)$659.50
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$64.15
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 7.020%
Interest already paid$53,369Through Nov 2026
Assumption only · ends Aug 2054$459,925
New conventional · ends Dec 2056$510,477