Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,159/mo
+$212/mo- Down payment
- $5,901
- Funds due
- $17,852
- Interest + MI left
- $464,263
- First ends
- Oct 2055
New loan
New conventional
$2,947/mo
Lowest payment- Down payment
- $34,400
- Funds due
- $44,199
- Interest + MI left
- $452,686
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $338,099 | $309,600 |
| Second mortgage | — | — |
| First P&I | $2,214.01 | $2,097.34 |
| Second P&I | — | — |
| Mortgage insurance | $156.94 | $61.92 |
| Taxes, insurance & HOA | $787.58 | $787.58 |
| Total housing payment | $3,158.53 | $2,946.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,901
Closing costs & prepaids$11,951
Usable credit−$0
Total buyer cash needed$17,852
Earnest money paid−$0
Remaining funds due$17,852
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,440.00
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)$412.75
Initial HOA (3 months)$1,500.00
Prepaid interest, first (6 days)$373.48
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 10 moOf the original 30-year loan at 6.72%
Interest already paid$26,690Through Dec 2026
Assumption only · ends Oct 2055$464,263
New conventional · ends Jan 2057$452,686