Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,349/mo
+$82/mo- Down payment
- $1,503
- Funds due
- $11,422
- Interest + MI left
- $395,756
- First ends
- Jun 2056
New loan
New conventional
$2,267/mo
Lowest payment- Down payment
- $29,900
- Funds due
- $37,726
- Interest + MI left
- $408,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $297,497 | $269,100 |
| Second mortgage | — | — |
| First P&I | $1,861.82 | $1,863.19 |
| Second P&I | — | — |
| Mortgage insurance | $137.00 | $53.82 |
| Taxes, insurance & HOA | $350.17 | $350.17 |
| Total housing payment | $2,348.98 | $2,267.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,503
Closing costs & prepaids$9,919
Usable credit−$0
Total buyer cash needed$11,422
Earnest money paid−$0
Remaining funds due$11,422
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$357.50
Initial HOA (3 months)$243.00
Prepaid interest, first (2 days)$103.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.360%
Interest already paid$7,906Through Nov 2026
Assumption only · ends Jun 2056$395,756
New conventional · ends Dec 2056$408,108