Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,542/mo
Lowest payment- Down payment
- $15,109
- Funds due
- $25,933
- Interest + MI left
- $322,745
- First ends
- Apr 2054
New loan
New conventional
$2,760/mo
+$218/mo- Down payment
- $36,000
- Funds due
- $44,701
- Interest + MI left
- $491,368
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $344,891 | $324,000 |
| Second mortgage | — | — |
| First P&I | $1,925.88 | $2,243.31 |
| Second P&I | — | — |
| Mortgage insurance | $164.62 | $64.80 |
| Taxes, insurance & HOA | $451.67 | $451.67 |
| Total housing payment | $2,542.16 | $2,759.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,109
Closing costs & prepaids$10,824
Usable credit−$0
Total buyer cash needed$25,933
Earnest money paid−$0
Remaining funds due$25,933
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$572.00
Initial HOA (3 months)$333.00
Prepaid interest, first (2 days)$94.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 4.990%
Interest already paid$45,429Through Nov 2026
Assumption only · ends Apr 2054$322,745
New conventional · ends Dec 2056$491,368