Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,885/mo
Lowest payment- Down payment
- $28,928
- Funds due
- $40,077
- Interest + MI left
- $431,058
- First ends
- Dec 2054
New loan
New conventional
$2,895/mo
+$10/mo- Down payment
- $36,500
- Funds due
- $45,491
- Interest + MI left
- $498,192
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $336,072 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,172.16 | $2,274.47 |
| Second P&I | — | — |
| Mortgage insurance | $157.51 | $65.70 |
| Taxes, insurance & HOA | $554.83 | $554.83 |
| Total housing payment | $2,884.51 | $2,895.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,928
Closing costs & prepaids$11,149
Usable credit−$0
Total buyer cash needed$40,077
Earnest money paid−$0
Remaining funds due$40,077
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$422.50
Initial HOA (3 months)$792.00
Prepaid interest, first (1 days)$59.85
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 1 moOf the original 30-year loan at 6.500%
Interest already paid$42,372Through Nov 2026
Assumption only · ends Dec 2054$431,058
New conventional · ends Dec 2056$498,192