Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,907/mo
+$262/mo- Down payment
- $3,041
- Funds due
- $14,098
- Interest + MI left
- $413,256
- First ends
- Jul 2054
New loan
New conventional
$2,646/mo
Lowest payment- Down payment
- $30,000
- Funds due
- $38,951
- Interest + MI left
- $409,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $296,959 | $270,000 |
| Second mortgage | — | — |
| First P&I | $2,045.56 | $1,869.43 |
| Second P&I | — | — |
| Mortgage insurance | $139.51 | $54.00 |
| Taxes, insurance & HOA | $722.25 | $722.25 |
| Total housing payment | $2,907.32 | $2,645.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,041
Closing costs & prepaids$11,057
Usable credit−$0
Total buyer cash needed$14,098
Earnest money paid−$0
Remaining funds due$14,098
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$138.75
Initial HOA (3 months)$1,578.00
Prepaid interest, first (2 days)$115.53
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 8 moOf the original 30-year loan at 7.100%
Interest already paid$49,850Through Nov 2026
Assumption only · ends Jul 2054$413,256
New conventional · ends Dec 2056$409,473