Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,736/mo
+$56/mo- Down payment
- $14,798
- Funds due
- $25,890
- Interest + MI left
- $423,459
- First ends
- Dec 2054
New loan
New conventional
$2,680/mo
Lowest payment- Down payment
- $36,900
- Funds due
- $45,877
- Interest + MI left
- $485,585
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $354,202 | $332,100 |
| Second mortgage | — | — |
| First P&I | $2,205.66 | $2,249.76 |
| Second P&I | — | — |
| Mortgage insurance | $166.47 | $66.42 |
| Taxes, insurance & HOA | $364.25 | $364.25 |
| Total housing payment | $2,736.38 | $2,680.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,798
Closing costs & prepaids$11,092
Usable credit−$0
Total buyer cash needed$25,890
Earnest money paid−$0
Remaining funds due$25,890
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$442.75
Initial HOA (3 months)$200.01
Prepaid interest, first (9 days)$534.51
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 closing28 yrOf the original 30-year loan at 6.12%
Interest already paid$43,939Through Dec 2026
Assumption only · ends Dec 2054$423,459
New conventional · ends Jan 2057$485,585