Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,738/mo
+$134/mo- Down payment
- $15,067
- Funds due
- $26,026
- Interest + MI left
- $438,607
- First ends
- Nov 2054
New loan
New conventional
$2,604/mo
Lowest payment- Down payment
- $36,000
- Funds due
- $44,821
- Interest + MI left
- $473,742
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $344,933 | $324,000 |
| Second mortgage | — | — |
| First P&I | $2,231.90 | $2,194.89 |
| Second P&I | — | — |
| Mortgage insurance | $162.01 | $64.80 |
| Taxes, insurance & HOA | $344.00 | $344.00 |
| Total housing payment | $2,737.91 | $2,603.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,067
Closing costs & prepaids$10,959
Usable credit−$0
Total buyer cash needed$26,026
Earnest money paid−$0
Remaining funds due$26,026
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$432.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$551.99
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 11 moOf the original 30-year loan at 6.49%
Interest already paid$47,252Through Dec 2026
Assumption only · ends Nov 2054$438,607
New conventional · ends Jan 2057$473,742