Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,397/mo
+$192/mo- Down payment
- $17,324
- Funds due
- $27,596
- Interest + MI left
- $384,422
- First ends
- Jul 2054
New loan
New conventional
$2,206/mo
Lowest payment- Down payment
- $29,499
- Funds due
- $37,661
- Interest + MI left
- $388,192
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $277,666 | $265,491 |
| Second mortgage | — | — |
| First P&I | $1,912.70 | $1,798.53 |
| Second P&I | — | — |
| Mortgage insurance | $130.58 | $53.10 |
| Taxes, insurance & HOA | $354.00 | $354.00 |
| Total housing payment | $2,397.28 | $2,205.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,324
Closing costs & prepaids$10,272
Usable credit−$0
Total buyer cash needed$27,596
Earnest money paid−$0
Remaining funds due$27,596
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,949.90
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)$354.00
Initial HOA (3 months)$258.00
Prepaid interest, first (9 days)$485.42
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 7 moOf the original 30-year loan at 7.09%
Interest already paid$48,235Through Dec 2026
Assumption only · ends Jul 2054$384,422
New conventional · ends Jan 2057$388,192