Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,917/mo
+$11/mo- Down payment
- $22,951
- Funds due
- $33,968
- Interest + MI left
- $457,126
- First ends
- Nov 2054
New loan
New conventional
$2,905/mo
Lowest payment- Down payment
- $39,000
- Funds due
- $47,842
- Interest + MI left
- $532,314
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $367,048 | $350,999 |
| Second mortgage | — | — |
| First P&I | $2,339.47 | $2,430.25 |
| Second P&I | — | — |
| Mortgage insurance | $172.32 | $70.20 |
| Taxes, insurance & HOA | $404.83 | $404.83 |
| Total housing payment | $2,916.63 | $2,905.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,951
Closing costs & prepaids$11,017
Usable credit−$0
Total buyer cash needed$33,968
Earnest money paid−$0
Remaining funds due$33,968
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.99
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)$476.50
Initial HOA (3 months)$288.00
Prepaid interest, first (2 days)$127.71
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 closing28 yrOf the original 30-year loan at 6.350%
Interest already paid$47,218Through Nov 2026
Assumption only · ends Nov 2054$457,126
New conventional · ends Dec 2056$532,314