Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,953/mo
+$73/mo- Down payment
- $27,585
- Funds due
- $39,105
- Interest + MI left
- $467,347
- First ends
- Nov 2054
New loan
New conventional
$2,880/mo
Lowest payment- Down payment
- $39,449
- Funds due
- $48,814
- Interest + MI left
- $519,129
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $366,905 | $355,041 |
| Second mortgage | — | — |
| First P&I | $2,376.44 | $2,405.17 |
| Second P&I | — | — |
| Mortgage insurance | $172.32 | $71.01 |
| Taxes, insurance & HOA | $403.83 | $403.83 |
| Total housing payment | $2,952.59 | $2,880.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,585
Closing costs & prepaids$11,519
Usable credit−$0
Total buyer cash needed$39,105
Earnest money paid−$0
Remaining funds due$39,105
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,944.90
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)$473.50
Initial HOA (3 months)$288.00
Prepaid interest, first (9 days)$588.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 6.5%
Interest already paid$50,338Through Dec 2026
Assumption only · ends Nov 2054$467,347
New conventional · ends Jan 2057$519,129