Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,485/mo
+$14/mo- Down payment
- $35,272
- Funds due
- $45,989
- Interest + MI left
- $378,878
- First ends
- Apr 2054
New loan
New conventional
$2,471/mo
Lowest payment- Down payment
- $33,500
- Funds due
- $42,128
- Interest + MI left
- $440,843
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $299,728 | $301,500 |
| Second mortgage | — | — |
| First P&I | $1,975.33 | $2,042.47 |
| Second P&I | — | — |
| Mortgage insurance | $141.76 | $60.30 |
| Taxes, insurance & HOA | $368.00 | $368.00 |
| Total housing payment | $2,485.09 | $2,470.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,272
Closing costs & prepaids$10,717
Usable credit−$0
Total buyer cash needed$45,989
Earnest money paid−$0
Remaining funds due$45,989
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$402.00
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$487.78
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 4 moOf the original 30-year loan at 6.6%
Interest already paid$53,645Through Dec 2026
Assumption only · ends Apr 2054$378,878
New conventional · ends Jan 2057$440,843