Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,022/mo
+$302/mo- Down payment
- $7,124
- Funds due
- $18,409
- Interest + MI left
- $492,325
- First ends
- Sep 2054
New loan
New conventional
$2,719/mo
Lowest payment- Down payment
- $37,000
- Funds due
- $46,086
- Interest + MI left
- $486,901
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,876 | $333,000 |
| Second mortgage | — | — |
| First P&I | $2,454.28 | $2,255.86 |
| Second P&I | — | — |
| Mortgage insurance | $170.45 | $66.60 |
| Taxes, insurance & HOA | $397.00 | $397.00 |
| Total housing payment | $3,021.74 | $2,719.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,124
Closing costs & prepaids$11,285
Usable credit−$0
Total buyer cash needed$18,409
Earnest money paid−$0
Remaining funds due$18,409
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$444.00
Initial HOA (3 months)$297.00
Prepaid interest, first (9 days)$619.18
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 9 moOf the original 30-year loan at 6.92%
Interest already paid$57,246Through Dec 2026
Assumption only · ends Sep 2054$492,325
New conventional · ends Jan 2057$486,901