Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,742/mo
+$72/mo- Down payment
- $30,873
- Funds due
- $42,126
- Interest + MI left
- $370,820
- First ends
- May 2054
New loan
New conventional
$2,670/mo
Lowest payment- Down payment
- $31,500
- Funds due
- $40,648
- Interest + MI left
- $409,698
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $284,127 | $283,500 |
| Second mortgage | — | — |
| First P&I | $1,901.70 | $1,907.12 |
| Second P&I | — | — |
| Mortgage insurance | $134.11 | $56.70 |
| Taxes, insurance & HOA | $705.75 | $705.75 |
| Total housing payment | $2,741.56 | $2,669.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,873
Closing costs & prepaids$11,253
Usable credit−$0
Total buyer cash needed$42,126
Earnest money paid−$0
Remaining funds due$42,126
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$803.25
Initial HOA (3 months)$864.00
Prepaid interest, first (4 days)$210.80
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 yr 5 moOf the original 30-year loan at 6.77%
Interest already paid$50,478Through Dec 2026
Assumption only · ends May 2054$370,820
New conventional · ends Jan 2057$409,698