Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,168/mo
+$157/mo- Down payment
- $16,394
- Funds due
- $26,259
- Interest + MI left
- $335,904
- First ends
- Feb 2054
New loan
New conventional
$2,011/mo
Lowest payment- Down payment
- $26,900
- Funds due
- $34,692
- Interest + MI left
- $353,990
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $252,606 | $242,100 |
| Second mortgage | — | — |
| First P&I | $1,725.63 | $1,640.07 |
| Second P&I | — | — |
| Mortgage insurance | $119.48 | $48.42 |
| Taxes, insurance & HOA | $322.58 | $322.58 |
| Total housing payment | $2,167.70 | $2,011.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,394
Closing costs & prepaids$9,866
Usable credit−$0
Total buyer cash needed$26,259
Earnest money paid−$0
Remaining funds due$26,259
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,690.00
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)$322.75
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$432.89
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 2 moOf the original 30-year loan at 6.95%
Interest already paid$50,588Through Dec 2026
Assumption only · ends Feb 2054$335,904
New conventional · ends Jan 2057$353,990