Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,476/mo
+$71/mo- Down payment
- $23,699
- Funds due
- $34,027
- Interest + MI left
- $368,997
- First ends
- Jun 2054
New loan
New conventional
$2,404/mo
Lowest payment- Down payment
- $29,940
- Funds due
- $38,173
- Interest + MI left
- $408,654
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $275,701 | $269,460 |
| Second mortgage | — | — |
| First P&I | $1,861.21 | $1,865.69 |
| Second P&I | — | — |
| Mortgage insurance | $129.79 | $53.89 |
| Taxes, insurance & HOA | $484.83 | $484.83 |
| Total housing payment | $2,475.83 | $2,404.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,699
Closing costs & prepaids$10,327
Usable credit−$0
Total buyer cash needed$34,027
Earnest money paid−$0
Remaining funds due$34,027
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,994.00
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)$176.50
Initial HOA (3 months)$828.00
Prepaid interest, first (2 days)$103.94
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 7 moOf the original 30-year loan at 6.880%
Interest already paid$46,500Through Nov 2026
Assumption only · ends Jun 2054$368,997
New conventional · ends Dec 2056$408,654