Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,097/mo
+$92/mo- Down payment
- $19,194
- Funds due
- $31,323
- Interest + MI left
- $407,801
- First ends
- Nov 2054
New loan
New conventional
$3,005/mo
Lowest payment- Down payment
- $33,990
- Funds due
- $43,998
- Interest + MI left
- $447,291
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $320,706 | $305,910 |
| Second mortgage | — | — |
| First P&I | $2,075.14 | $2,072.34 |
| Second P&I | — | — |
| Mortgage insurance | $150.63 | $61.18 |
| Taxes, insurance & HOA | $871.00 | $871.00 |
| Total housing payment | $3,096.78 | $3,004.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,194
Closing costs & prepaids$12,129
Usable credit−$0
Total buyer cash needed$31,323
Earnest money paid−$0
Remaining funds due$31,323
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$1,755.00
Prepaid interest, first (6 days)$342.15
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 11 moOf the original 30-year loan at 6.49%
Interest already paid$43,933Through Dec 2026
Assumption only · ends Nov 2054$407,801
New conventional · ends Jan 2057$447,291