Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,801/mo
Lowest payment- Down payment
- $24,281
- Funds due
- $35,027
- Interest + MI left
- $441,771
- First ends
- Nov 2054
New loan
New conventional
$2,803/mo
+$3/mo- Down payment
- $37,900
- Funds due
- $46,475
- Interest + MI left
- $517,301
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $354,719 | $341,100 |
| Second mortgage | — | — |
| First P&I | $2,260.89 | $2,361.71 |
| Second P&I | — | — |
| Mortgage insurance | $166.53 | $68.22 |
| Taxes, insurance & HOA | $373.17 | $373.17 |
| Total housing payment | $2,800.59 | $2,803.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,281
Closing costs & prepaids$10,746
Usable credit−$0
Total buyer cash needed$35,027
Earnest money paid−$0
Remaining funds due$35,027
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$12.50
Initial HOA (3 months)$657.00
Prepaid interest, first (1 days)$61.71
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 closing28 yrOf the original 30-year loan at 6.350%
Interest already paid$45,632Through Nov 2026
Assumption only · ends Nov 2054$441,771
New conventional · ends Dec 2056$517,301