Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,882/mo
+$11/mo- Down payment
- $36,146
- Funds due
- $48,261
- Interest + MI left
- $342,732
- First ends
- Sep 2054
New loan
New conventional
$2,871/mo
Lowest payment- Down payment
- $29,000
- Funds due
- $39,046
- Interest + MI left
- $381,625
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $253,854 | $261,000 |
| Second mortgage | — | — |
| First P&I | $1,711.94 | $1,768.10 |
| Second P&I | — | — |
| Mortgage insurance | $119.26 | $52.20 |
| Taxes, insurance & HOA | $1,051.00 | $1,051.00 |
| Total housing payment | $2,882.20 | $2,871.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,146
Closing costs & prepaids$12,116
Usable credit−$0
Total buyer cash needed$48,261
Earnest money paid−$0
Remaining funds due$48,261
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$348.00
Initial HOA (3 months)$2,355.00
Prepaid interest, first (6 days)$287.52
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 6.89%
Interest already paid$39,876Through Dec 2026
Assumption only · ends Sep 2054$342,732
New conventional · ends Jan 2057$381,625