Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,758/mo
+$76/mo- Down payment
- $29,402
- Funds due
- $39,914
- Interest + MI left
- $453,956
- First ends
- Sep 2054
New loan
New conventional
$2,682/mo
Lowest payment- Down payment
- $36,500
- Funds due
- $44,851
- Interest + MI left
- $498,192
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $335,598 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,258.75 | $2,274.47 |
| Second P&I | — | — |
| Mortgage insurance | $157.51 | $65.70 |
| Taxes, insurance & HOA | $341.33 | $341.33 |
| Total housing payment | $2,757.59 | $2,681.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,402
Closing costs & prepaids$10,512
Usable credit−$0
Total buyer cash needed$39,914
Earnest money paid−$0
Remaining funds due$39,914
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$202.00
Initial HOA (3 months)$372.00
Prepaid interest, first (1 days)$63.26
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 10 moOf the original 30-year loan at 6.880%
Interest already paid$50,665Through Nov 2026
Assumption only · ends Sep 2054$453,956
New conventional · ends Dec 2056$498,192