Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,906/mo
+$96/mo- Down payment
- $11,827
- Funds due
- $21,373
- Interest + MI left
- $270,241
- First ends
- Dec 2054
New loan
New conventional
$1,811/mo
Lowest payment- Down payment
- $21,350
- Funds due
- $28,885
- Interest + MI left
- $280,955
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $201,673 | $192,150 |
| Second mortgage | — | — |
| First P&I | $1,341.50 | $1,301.69 |
| Second P&I | — | — |
| Mortgage insurance | $94.51 | $38.43 |
| Taxes, insurance & HOA | $470.42 | $470.42 |
| Total housing payment | $1,906.42 | $1,810.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,827
Closing costs & prepaids$9,546
Usable credit−$0
Total buyer cash needed$21,373
Earnest money paid−$0
Remaining funds due$21,373
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,135.00
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)$256.25
Initial HOA (3 months)$705.00
Prepaid interest, first (6 days)$224.77
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 6.78%
Interest already paid$27,673Through Dec 2026
Assumption only · ends Dec 2054$270,241
New conventional · ends Jan 2057$280,955