Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,989/mo
+$140/mo- Down payment
- $16,761
- Funds due
- $27,938
- Interest + MI left
- $500,546
- First ends
- Apr 2055
New loan
New conventional
$2,849/mo
Lowest payment- Down payment
- $40,300
- Funds due
- $49,289
- Interest + MI left
- $530,327
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $386,239 | $362,700 |
| Second mortgage | — | — |
| First P&I | $2,488.68 | $2,457.06 |
| Second P&I | — | — |
| Mortgage insurance | $180.46 | $72.54 |
| Taxes, insurance & HOA | $319.50 | $319.50 |
| Total housing payment | $2,988.64 | $2,849.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,761
Closing costs & prepaids$11,176
Usable credit−$0
Total buyer cash needed$27,938
Earnest money paid−$0
Remaining funds due$27,938
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,030.00
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)$483.50
Initial HOA (3 months)$24.99
Prepaid interest, first (6 days)$412.69
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 4 moOf the original 30-year loan at 6.5%
Interest already paid$42,276Through Dec 2026
Assumption only · ends Apr 2055$500,546
New conventional · ends Jan 2057$530,327