Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,972/mo
+$162/mo- Down payment
- $9,075
- Funds due
- $20,632
- Interest + MI left
- $422,991
- First ends
- Dec 2054
New loan
New conventional
$2,810/mo
Lowest payment- Down payment
- $34,000
- Funds due
- $43,424
- 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 | $330,925 | $306,000 |
| Second mortgage | — | — |
| First P&I | $2,141.14 | $2,072.95 |
| Second P&I | — | — |
| Mortgage insurance | $155.26 | $61.20 |
| Taxes, insurance & HOA | $676.00 | $676.00 |
| Total housing payment | $2,972.40 | $2,810.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,075
Closing costs & prepaids$11,557
Usable credit−$0
Total buyer cash needed$20,632
Earnest money paid−$0
Remaining funds due$20,632
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)$1,170.00
Prepaid interest, first (6 days)$353.59
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 closing28 yrOf the original 30-year loan at 6.5%
Interest already paid$43,561Through Dec 2026
Assumption only · ends Dec 2054$422,991
New conventional · ends Jan 2057$447,423