Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,030/mo
+$140/mo- Down payment
- $14,720
- Funds due
- $26,278
- Interest + MI left
- $455,566
- First ends
- Jan 2055
New loan
New conventional
$2,890/mo
Lowest payment- Down payment
- $36,990
- Funds due
- $46,391
- Interest + MI left
- $486,769
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $355,180 | $332,910 |
| Second mortgage | — | — |
| First P&I | $2,295.66 | $2,255.25 |
| Second P&I | — | — |
| Mortgage insurance | $166.47 | $66.58 |
| Taxes, insurance & HOA | $568.00 | $568.00 |
| Total housing payment | $3,030.13 | $2,889.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,720
Closing costs & prepaids$11,558
Usable credit−$0
Total buyer cash needed$26,278
Earnest money paid−$0
Remaining funds due$26,278
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
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)$444.00
Initial HOA (3 months)$810.00
Prepaid interest, first (6 days)$379.51
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 1 moOf the original 30-year loan at 6.5%
Interest already paid$44,781Through Dec 2026
Assumption only · ends Jan 2055$455,566
New conventional · ends Jan 2057$486,769