Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,779/mo
+$31/mo- Down payment
- $25,722
- Funds due
- $36,708
- Interest + MI left
- $492,494
- First ends
- Jul 2056
New loan
New conventional
$2,747/mo
Lowest payment- Down payment
- $38,700
- Funds due
- $47,524
- Interest + MI left
- $509,272
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $361,278 | $348,300 |
| Second mortgage | — | — |
| First P&I | $2,294.00 | $2,359.51 |
| Second P&I | — | — |
| Mortgage insurance | $166.35 | $69.66 |
| Taxes, insurance & HOA | $318.16 | $318.16 |
| Total housing payment | $2,778.51 | $2,747.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,722
Closing costs & prepaids$10,986
Usable credit−$0
Total buyer cash needed$36,708
Earnest money paid−$0
Remaining funds due$36,708
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,870.00
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)$464.50
Initial HOA (3 months)$39.99
Prepaid interest, first (6 days)$386.02
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 closing29 yr 7 moOf the original 30-year loan at 6.5%
Interest already paid$9,812Through Dec 2026
Assumption only · ends Jul 2056$492,494
New conventional · ends Jan 2057$509,272