Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,084/mo
+$26/mo- Down payment
- $30,174
- Funds due
- $40,065
- Interest + MI left
- $325,591
- First ends
- Jun 2054
New loan
New conventional
$2,058/mo
Lowest payment- Down payment
- $28,000
- Funds due
- $35,842
- Interest + MI left
- $368,466
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $249,826 | $252,000 |
| Second mortgage | — | — |
| First P&I | $1,665.51 | $1,707.14 |
| Second P&I | — | — |
| Mortgage insurance | $117.81 | $50.40 |
| Taxes, insurance & HOA | $300.33 | $300.33 |
| Total housing payment | $2,083.66 | $2,057.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,174
Closing costs & prepaids$9,891
Usable credit−$0
Total buyer cash needed$40,065
Earnest money paid−$0
Remaining funds due$40,065
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$336.00
Initial HOA (3 months)$114.99
Prepaid interest, first (9 days)$415.19
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 6 moOf the original 30-year loan at 6.74%
Interest already paid$42,742Through Dec 2026
Assumption only · ends Jun 2054$325,591
New conventional · ends Jan 2057$368,466