Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,467/mo
+$66/mo- Down payment
- $29,241
- Funds due
- $39,330
- Interest + MI left
- $396,061
- First ends
- Jul 2054
New loan
New conventional
$2,401/mo
Lowest payment- Down payment
- $31,890
- Funds due
- $39,863
- Interest + MI left
- $435,270
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $289,659 | $287,010 |
| Second mortgage | — | — |
| First P&I | $1,974.33 | $1,987.20 |
| Second P&I | — | — |
| Mortgage insurance | $136.15 | $57.40 |
| Taxes, insurance & HOA | $356.58 | $356.58 |
| Total housing payment | $2,467.06 | $2,401.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,241
Closing costs & prepaids$10,089
Usable credit−$0
Total buyer cash needed$39,330
Earnest money paid−$0
Remaining funds due$39,330
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,189.00
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)$364.75
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$55.47
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 closing27 yr 8 moOf the original 30-year loan at 6.990%
Interest already paid$47,885Through Nov 2026
Assumption only · ends Jul 2054$396,061
New conventional · ends Dec 2056$435,270