Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,731/mo
+$161/mo- Down payment
- $18,652
- Funds due
- $29,671
- Interest + MI left
- $423,882
- First ends
- Aug 2054
New loan
New conventional
$2,570/mo
Lowest payment- Down payment
- $34,000
- Funds due
- $42,885
- Interest + MI left
- $447,423
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $321,348 | $306,000 |
| Second mortgage | — | — |
| First P&I | $2,144.14 | $2,072.95 |
| Second P&I | — | — |
| Mortgage insurance | $151.21 | $61.20 |
| Taxes, insurance & HOA | $436.00 | $436.00 |
| Total housing payment | $2,731.34 | $2,570.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,652
Closing costs & prepaids$11,019
Usable credit−$0
Total buyer cash needed$29,671
Earnest money paid−$0
Remaining funds due$29,671
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$408.00
Initial HOA (3 months)$450.00
Prepaid interest, first (9 days)$536.43
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 8 moOf the original 30-year loan at 6.77%
Interest already paid$51,480Through Dec 2026
Assumption only · ends Aug 2054$423,882
New conventional · ends Jan 2057$447,423