Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,239/mo
+$229/mo- Down payment
- $14,603
- Funds due
- $26,203
- Interest + MI left
- $528,550
- First ends
- Dec 2054
New loan
New conventional
$3,011/mo
Lowest payment- Down payment
- $41,300
- Funds due
- $50,685
- Interest + MI left
- $543,485
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $398,396 | $371,699 |
| Second mortgage | — | — |
| First P&I | $2,634.48 | $2,518.02 |
| Second P&I | — | — |
| Mortgage insurance | $186.74 | $74.34 |
| Taxes, insurance & HOA | $418.17 | $418.17 |
| Total housing payment | $3,239.39 | $3,010.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,603
Closing costs & prepaids$11,600
Usable credit−$0
Total buyer cash needed$26,203
Earnest money paid−$0
Remaining funds due$26,203
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,129.99
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)$495.50
Initial HOA (3 months)$309.00
Prepaid interest, first (6 days)$440.09
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 yrOf the original 30-year loan at 6.72%
Interest already paid$54,191Through Dec 2026
Assumption only · ends Dec 2054$528,550
New conventional · ends Jan 2057$543,485