Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,256/mo
+$78/mo- Down payment
- $26,189
- Funds due
- $38,943
- Interest + MI left
- $387,585
- First ends
- Oct 2054
New loan
New conventional
$3,178/mo
Lowest payment- Down payment
- $31,990
- Funds due
- $42,637
- Interest + MI left
- $420,972
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $293,711 | $287,910 |
| Second mortgage | — | — |
| First P&I | $1,948.09 | $1,950.40 |
| Second P&I | — | — |
| Mortgage insurance | $137.95 | $57.58 |
| Taxes, insurance & HOA | $1,169.92 | $1,169.92 |
| Total housing payment | $3,255.95 | $3,177.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,189
Closing costs & prepaids$12,755
Usable credit−$0
Total buyer cash needed$38,943
Earnest money paid−$0
Remaining funds due$38,943
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$815.75
Initial HOA (3 months)$2,244.00
Prepaid interest, first (5 days)$270.78
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 10 moOf the original 30-year loan at 6.73%
Interest already paid$43,390Through Dec 2026
Assumption only · ends Oct 2054$387,585
New conventional · ends Jan 2057$420,972