Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,078/mo
Lowest payment- Down payment
- $32,978
- Funds due
- $43,365
- Interest + MI left
- $272,206
- First ends
- Oct 2054
New loan
New conventional
$2,359/mo
+$281/mo- Down payment
- $31,900
- Funds due
- $40,324
- Interest + MI left
- $419,788
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $286,022 | $287,100 |
| Second mortgage | — | — |
| First P&I | $1,585.99 | $1,944.92 |
| Second P&I | — | — |
| Mortgage insurance | $135.56 | $57.42 |
| Taxes, insurance & HOA | $356.58 | $356.58 |
| Total housing payment | $2,078.14 | $2,358.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,978
Closing costs & prepaids$10,387
Usable credit−$0
Total buyer cash needed$43,365
Earnest money paid−$0
Remaining funds due$43,365
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,190.00
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)$382.75
Initial HOA (3 months)$237.00
Prepaid interest, first (9 days)$351.92
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 10 moOf the original 30-year loan at 4.99%
Interest already paid$31,481Through Dec 2026
Assumption only · ends Oct 2054$272,206
New conventional · ends Jan 2057$419,788