Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,722/mo
+$32/mo- Down payment
- $27,067
- Funds due
- $38,059
- Interest + MI left
- $398,506
- First ends
- May 2055
New loan
New conventional
$2,691/mo
Lowest payment- Down payment
- $31,500
- Funds due
- $40,380
- Interest + MI left
- $429,947
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $287,933 | $283,500 |
| Second mortgage | — | — |
| First P&I | $1,917.30 | $1,962.90 |
| Second P&I | — | — |
| Mortgage insurance | $134.11 | $56.70 |
| Taxes, insurance & HOA | $671.00 | $671.00 |
| Total housing payment | $2,722.41 | $2,690.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,067
Closing costs & prepaids$10,992
Usable credit−$0
Total buyer cash needed$38,059
Earnest money paid−$0
Remaining funds due$38,059
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$270.00
Initial HOA (3 months)$1,293.00
Prepaid interest, first (1 days)$54.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 6.850%
Interest already paid$29,842Through Nov 2026
Assumption only · ends May 2055$398,506
New conventional · ends Dec 2056$429,947