Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,569/mo
+$47/mo- Down payment
- $14,650
- Funds due
- $25,595
- Interest + MI left
- $386,395
- First ends
- Jan 2056
New loan
New conventional
$2,521/mo
Lowest payment- Down payment
- $31,200
- Funds due
- $40,058
- Interest + MI left
- $410,576
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $297,350 | $280,800 |
| Second mortgage | — | — |
| First P&I | $1,867.95 | $1,902.24 |
| Second P&I | — | — |
| Mortgage insurance | $137.74 | $56.16 |
| Taxes, insurance & HOA | $562.83 | $562.83 |
| Total housing payment | $2,568.52 | $2,521.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,650
Closing costs & prepaids$10,945
Usable credit−$0
Total buyer cash needed$25,595
Earnest money paid−$0
Remaining funds due$25,595
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,120.00
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)$374.50
Initial HOA (3 months)$864.00
Prepaid interest, first (7 days)$361.54
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 1 moOf the original 30-year loan at 6.34%
Interest already paid$17,382Through Dec 2026
Assumption only · ends Jan 2056$386,395
New conventional · ends Jan 2057$410,576