Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,954/mo
+$20/mo- Down payment
- $27,198
- Funds due
- $38,198
- Interest + MI left
- $469,476
- First ends
- Nov 2054
New loan
New conventional
$2,934/mo
Lowest payment- Down payment
- $39,449
- Funds due
- $48,261
- Interest + MI left
- $538,444
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $367,292 | $355,041 |
| Second mortgage | — | — |
| First P&I | $2,376.44 | $2,458.23 |
| Second P&I | — | — |
| Mortgage insurance | $172.32 | $71.01 |
| Taxes, insurance & HOA | $404.83 | $404.83 |
| Total housing payment | $2,953.59 | $2,934.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,198
Closing costs & prepaids$11,000
Usable credit−$0
Total buyer cash needed$38,198
Earnest money paid−$0
Remaining funds due$38,198
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,944.90
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)$476.50
Initial HOA (3 months)$288.00
Prepaid interest, first (1 days)$65.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.500%
Interest already paid$48,348Through Nov 2026
Assumption only · ends Nov 2054$469,476
New conventional · ends Dec 2056$538,444