Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,295/mo
+$176/mo- Down payment
- $21,494
- Funds due
- $32,676
- Interest + MI left
- $578,092
- First ends
- Jan 2055
New loan
New conventional
$3,119/mo
Lowest payment- Down payment
- $44,500
- Funds due
- $53,440
- Interest + MI left
- $607,385
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $423,506 | $400,500 |
| Second mortgage | — | — |
| First P&I | $2,830.92 | $2,772.98 |
| Second P&I | — | — |
| Mortgage insurance | $198.01 | $80.10 |
| Taxes, insurance & HOA | $266.00 | $266.00 |
| Total housing payment | $3,294.93 | $3,119.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,494
Closing costs & prepaids$11,182
Usable credit−$0
Total buyer cash needed$32,676
Earnest money paid−$0
Remaining funds due$32,676
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$12.00
Initial HOA (3 months)$336.00
Prepaid interest, first (2 days)$158.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing28 yr 2 moOf the original 30-year loan at 6.850%
Interest already paid$53,756Through Nov 2026
Assumption only · ends Jan 2055$578,092
New conventional · ends Dec 2056$607,385