Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,855/mo
+$27/mo- Down payment
- $23,639
- Funds due
- $35,250
- Interest + MI left
- $380,219
- First ends
- Nov 2054
New loan
New conventional
$2,828/mo
Lowest payment- Down payment
- $33,000
- Funds due
- $42,507
- Interest + MI left
- $434,262
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $306,360 | $296,999 |
| Second mortgage | — | — |
| First P&I | $1,954.77 | $2,011.97 |
| Second P&I | — | — |
| Mortgage insurance | $143.99 | $59.40 |
| Taxes, insurance & HOA | $756.50 | $756.50 |
| Total housing payment | $2,855.26 | $2,827.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,639
Closing costs & prepaids$11,611
Usable credit−$0
Total buyer cash needed$35,250
Earnest money paid−$0
Remaining funds due$35,250
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.99
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)$841.50
Initial HOA (3 months)$978.00
Prepaid interest, first (5 days)$266.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 11 moOf the original 30-year loan at 6.35%
Interest already paid$41,076Through Dec 2026
Assumption only · ends Nov 2054$380,219
New conventional · ends Jan 2057$434,262