Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,195/mo
Lowest payment- Down payment
- $28,371
- Funds due
- $39,757
- Interest + MI left
- $183,319
- First ends
- Oct 2054
New loan
New conventional
$2,996/mo
+$801/mo- Down payment
- $40,900
- Funds due
- $50,493
- Interest + MI left
- $538,223
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $380,629 | $368,100 |
| Second mortgage | — | — |
| First P&I | $1,582.85 | $2,493.64 |
| Second P&I | — | — |
| Mortgage insurance | $183.61 | $73.62 |
| Taxes, insurance & HOA | $428.58 | $428.58 |
| Total housing payment | $2,195.04 | $2,995.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,371
Closing costs & prepaids$11,385
Usable credit−$0
Total buyer cash needed$39,757
Earnest money paid−$0
Remaining funds due$39,757
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,090.00
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)$490.75
Initial HOA (3 months)$345.00
Prepaid interest, first (9 days)$234.63
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 10 moOf the original 30-year loan at 2.5%
Interest already paid$21,184Through Dec 2026
Assumption only · ends Oct 2054$183,319
New conventional · ends Jan 2057$538,223