Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,455/mo
+$65/mo- Down payment
- $28,436
- Funds due
- $38,572
- Interest + MI left
- $377,103
- First ends
- Mar 2054
New loan
New conventional
$2,390/mo
Lowest payment- Down payment
- $31,000
- Funds due
- $39,029
- Interest + MI left
- $423,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $281,564 | $279,000 |
| Second mortgage | — | — |
| First P&I | $1,919.50 | $1,931.74 |
| Second P&I | — | — |
| Mortgage insurance | $132.91 | $55.80 |
| Taxes, insurance & HOA | $402.50 | $402.50 |
| Total housing payment | $2,454.90 | $2,390.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,436
Closing costs & prepaids$10,136
Usable credit−$0
Total buyer cash needed$38,572
Earnest money paid−$0
Remaining funds due$38,572
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$310.50
Initial HOA (3 months)$447.00
Prepaid interest, first (1 days)$53.61
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 4 moOf the original 30-year loan at 6.950%
Interest already paid$53,011Through Nov 2026
Assumption only · ends Mar 2054$377,103
New conventional · ends Dec 2056$423,122