Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,825/mo
+$125/mo- Down payment
- $27,668
- Funds due
- $38,896
- Interest + MI left
- $423,749
- First ends
- Sep 2054
New loan
New conventional
$2,700/mo
Lowest payment- Down payment
- $34,000
- Funds due
- $43,094
- Interest + MI left
- $447,423
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $312,332 | $306,000 |
| Second mortgage | — | — |
| First P&I | $2,112.43 | $2,072.95 |
| Second P&I | — | — |
| Mortgage insurance | $146.71 | $61.20 |
| Taxes, insurance & HOA | $566.00 | $566.00 |
| Total housing payment | $2,825.14 | $2,700.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,668
Closing costs & prepaids$11,228
Usable credit−$0
Total buyer cash needed$38,896
Earnest money paid−$0
Remaining funds due$38,896
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$840.00
Prepaid interest, first (6 days)$355.29
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 6.92%
Interest already paid$49,272Through Dec 2026
Assumption only · ends Sep 2054$423,749
New conventional · ends Jan 2057$447,423