Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,173/mo
+$327/mo- Down payment
- $18,783
- Funds due
- $30,416
- Interest + MI left
- $474,194
- First ends
- Feb 2054
New loan
New conventional
$2,845/mo
Lowest payment- Down payment
- $34,900
- Funds due
- $44,350
- Interest + MI left
- $459,266
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $330,217 | $314,100 |
| Second mortgage | — | — |
| First P&I | $2,362.30 | $2,127.82 |
| Second P&I | — | — |
| Mortgage insurance | $155.76 | $62.82 |
| Taxes, insurance & HOA | $654.58 | $654.58 |
| Total housing payment | $3,172.64 | $2,845.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,783
Closing costs & prepaids$11,633
Usable credit−$0
Total buyer cash needed$30,416
Earnest money paid−$0
Remaining funds due$30,416
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$418.75
Initial HOA (3 months)$1,095.00
Prepaid interest, first (6 days)$403.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2 moOf the original 30-year loan at 7.44%
Interest already paid$70,690Through Dec 2026
Assumption only · ends Feb 2054$474,194
New conventional · ends Jan 2057$459,266