Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,805/mo
+$96/mo- Down payment
- $22,192
- Funds due
- $33,334
- Interest + MI left
- $453,519
- First ends
- Dec 2054
New loan
New conventional
$2,709/mo
Lowest payment- Down payment
- $37,700
- Funds due
- $46,697
- Interest + MI left
- $496,113
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $354,808 | $339,300 |
| Second mortgage | — | — |
| First P&I | $2,295.66 | $2,298.54 |
| Second P&I | — | — |
| Mortgage insurance | $166.47 | $67.86 |
| Taxes, insurance & HOA | $342.83 | $342.83 |
| Total housing payment | $2,804.96 | $2,709.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,192
Closing costs & prepaids$11,142
Usable credit−$0
Total buyer cash needed$33,334
Earnest money paid−$0
Remaining funds due$33,334
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,770.00
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)$452.50
Initial HOA (3 months)$126.00
Prepaid interest, first (9 days)$568.66
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 closing28 yrOf the original 30-year loan at 6.5%
Interest already paid$46,705Through Dec 2026
Assumption only · ends Dec 2054$453,519
New conventional · ends Jan 2057$496,113