Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,317/mo
+$155/mo- Down payment
- $28,269
- Funds due
- $40,325
- Interest + MI left
- $531,007
- First ends
- May 2055
New loan
New conventional
$3,162/mo
Lowest payment- Down payment
- $41,200
- Funds due
- $51,048
- Interest + MI left
- $542,171
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $383,731 | $370,800 |
| Second mortgage | — | — |
| First P&I | $2,562.68 | $2,511.93 |
| Second P&I | — | — |
| Mortgage insurance | $178.89 | $74.16 |
| Taxes, insurance & HOA | $575.83 | $575.83 |
| Total housing payment | $3,317.40 | $3,161.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,269
Closing costs & prepaids$12,056
Usable credit−$0
Total buyer cash needed$40,325
Earnest money paid−$0
Remaining funds due$40,325
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,120.00
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)$494.50
Initial HOA (3 months)$783.00
Prepaid interest, first (6 days)$433.35
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 5 moOf the original 30-year loan at 6.87%
Interest already paid$42,123Through Dec 2026
Assumption only · ends May 2055$531,007
New conventional · ends Jan 2057$542,171