Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,920/mo
+$362/mo- Down payment
- $1,743
- Funds due
- $12,723
- Interest + MI left
- $455,620
- First ends
- Aug 2054
New loan
New conventional
$2,559/mo
Lowest payment- Down payment
- $32,300
- Funds due
- $41,119
- Interest + MI left
- $425,051
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $321,257 | $290,700 |
| Second mortgage | — | — |
| First P&I | $2,238.40 | $1,969.30 |
| Second P&I | — | — |
| Mortgage insurance | $150.84 | $58.14 |
| Taxes, insurance & HOA | $531.17 | $531.17 |
| Total housing payment | $2,920.41 | $2,558.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,743
Closing costs & prepaids$10,980
Usable credit−$0
Total buyer cash needed$12,723
Earnest money paid−$0
Remaining funds due$12,723
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,230.00
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)$387.50
Initial HOA (3 months)$756.00
Prepaid interest, first (6 days)$381.28
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 8 moOf the original 30-year loan at 7.22%
Interest already paid$54,825Through Dec 2026
Assumption only · ends Aug 2054$455,620
New conventional · ends Jan 2057$425,051