Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,247/mo
+$56/mo- Down payment
- $24,643
- Funds due
- $35,037
- Interest + MI left
- $298,964
- First ends
- Sep 2054
New loan
New conventional
$2,191/mo
Lowest payment- Down payment
- $24,500
- Funds due
- $32,857
- Interest + MI left
- $322,407
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $220,357 | $220,500 |
| Second mortgage | — | — |
| First P&I | $1,490.37 | $1,493.74 |
| Second P&I | — | — |
| Mortgage insurance | $103.51 | $44.10 |
| Taxes, insurance & HOA | $653.25 | $653.25 |
| Total housing payment | $2,247.12 | $2,191.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,643
Closing costs & prepaids$10,394
Usable credit−$0
Total buyer cash needed$35,037
Earnest money paid−$0
Remaining funds due$35,037
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$624.75
Initial HOA (3 months)$885.00
Prepaid interest, first (5 days)$208.89
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 9 moOf the original 30-year loan at 6.92%
Interest already paid$34,763Through Dec 2026
Assumption only · ends Sep 2054$298,964
New conventional · ends Jan 2057$322,407