Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,471/mo
+$169/mo- Down payment
- $18,724
- Funds due
- $29,238
- Interest + MI left
- $375,371
- First ends
- Mar 2054
New loan
New conventional
$2,302/mo
Lowest payment- Down payment
- $30,000
- Funds due
- $38,410
- Interest + MI left
- $394,783
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $281,275 | $269,999 |
| Second mortgage | — | — |
| First P&I | $1,919.50 | $1,829.07 |
| Second P&I | — | — |
| Mortgage insurance | $132.91 | $54.00 |
| Taxes, insurance & HOA | $419.00 | $419.00 |
| Total housing payment | $2,471.40 | $2,302.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,724
Closing costs & prepaids$10,514
Usable credit−$0
Total buyer cash needed$29,238
Earnest money paid−$0
Remaining funds due$29,238
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.99
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)$360.00
Initial HOA (3 months)$447.00
Prepaid interest, first (9 days)$482.02
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 3 moOf the original 30-year loan at 6.95%
Interest already paid$54,642Through Dec 2026
Assumption only · ends Mar 2054$375,371
New conventional · ends Jan 2057$394,783