Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,448/mo
+$283/mo- Down payment
- $4,399
- Funds due
- $14,768
- Interest + MI left
- $329,105
- First ends
- Dec 2053
New loan
New conventional
$2,165/mo
Lowest payment- Down payment
- $23,990
- Funds due
- $32,299
- Interest + MI left
- $312,021
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $235,501 | $215,910 |
| Second mortgage | — | — |
| First P&I | $1,667.70 | $1,452.44 |
| Second P&I | — | — |
| Mortgage insurance | $111.38 | $43.18 |
| Taxes, insurance & HOA | $668.92 | $668.92 |
| Total housing payment | $2,448.00 | $2,164.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,399
Closing costs & prepaids$10,369
Usable credit−$0
Total buyer cash needed$14,768
Earnest money paid−$0
Remaining funds due$14,768
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,399.00
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)$611.75
Initial HOA (3 months)$945.00
Prepaid interest, first (4 days)$188.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 yrOf the original 30-year loan at 7.31%
Interest already paid$52,522Through Dec 2026
Assumption only · ends Dec 2053$329,105
New conventional · ends Jan 2057$312,021