Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,694/mo
+$200/mo- Down payment
- $4,403
- Funds due
- $15,018
- Interest + MI left
- $423,633
- First ends
- Sep 2054
New loan
New conventional
$2,495/mo
Lowest payment- Down payment
- $33,990
- Funds due
- $42,468
- Interest + MI left
- $447,291
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $335,497 | $305,910 |
| Second mortgage | — | — |
| First P&I | $2,175.48 | $2,072.34 |
| Second P&I | — | — |
| Mortgage insurance | $157.92 | $61.18 |
| Taxes, insurance & HOA | $361.00 | $361.00 |
| Total housing payment | $2,694.40 | $2,494.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,403
Closing costs & prepaids$10,615
Usable credit−$0
Total buyer cash needed$15,018
Earnest money paid−$0
Remaining funds due$15,018
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$408.00
Initial HOA (3 months)$225.00
Prepaid interest, first (6 days)$357.92
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 9 moOf the original 30-year loan at 6.49%
Interest already paid$49,692Through Dec 2026
Assumption only · ends Sep 2054$423,633
New conventional · ends Jan 2057$447,291