Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,464/mo
+$250/mo- Down payment
- $8,131
- Funds due
- $20,050
- Interest + MI left
- $570,523
- First ends
- Jan 2055
New loan
New conventional
$3,214/mo
Lowest payment- Down payment
- $44,990
- Funds due
- $54,662
- Interest + MI left
- $592,045
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $441,769 | $404,910 |
| Second mortgage | — | — |
| First P&I | $2,866.74 | $2,743.00 |
| Second P&I | — | — |
| Mortgage insurance | $207.01 | $80.98 |
| Taxes, insurance & HOA | $390.00 | $390.00 |
| Total housing payment | $3,463.76 | $3,213.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,131
Closing costs & prepaids$11,919
Usable credit−$0
Total buyer cash needed$20,050
Earnest money paid−$0
Remaining funds due$20,050
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$540.00
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$474.93
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 1 moOf the original 30-year loan at 6.54%
Interest already paid$56,036Through Dec 2026
Assumption only · ends Jan 2055$570,523
New conventional · ends Jan 2057$592,045