Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,991/mo
+$121/mo- Down payment
- $29,116
- Funds due
- $41,024
- Interest + MI left
- $393,321
- First ends
- Feb 2054
New loan
New conventional
$2,869/mo
Lowest payment- Down payment
- $32,490
- Funds due
- $42,282
- Interest + MI left
- $427,552
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $295,784 | $292,410 |
| Second mortgage | — | — |
| First P&I | $2,020.60 | $1,980.89 |
| Second P&I | — | — |
| Mortgage insurance | $139.91 | $58.48 |
| Taxes, insurance & HOA | $830.00 | $830.00 |
| Total housing payment | $2,990.50 | $2,869.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,116
Closing costs & prepaids$11,908
Usable credit−$0
Total buyer cash needed$41,024
Earnest money paid−$0
Remaining funds due$41,024
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,249.00
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)$390.00
Initial HOA (3 months)$1,650.00
Prepaid interest, first (7 days)$394.24
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2 moOf the original 30-year loan at 6.95%
Interest already paid$59,235Through Dec 2026
Assumption only · ends Feb 2054$393,321
New conventional · ends Jan 2057$427,552