Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,792/mo
Lowest payment- Down payment
- $25,387
- Funds due
- $36,156
- Interest + MI left
- $494,585
- First ends
- Jul 2056
New loan
New conventional
$2,813/mo
+$21/mo- Down payment
- $38,700
- Funds due
- $47,294
- Interest + MI left
- $528,220
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $361,613 | $348,300 |
| Second mortgage | — | — |
| First P&I | $2,294.00 | $2,411.56 |
| Second P&I | — | — |
| Mortgage insurance | $166.35 | $69.66 |
| Taxes, insurance & HOA | $331.66 | $331.66 |
| Total housing payment | $2,792.01 | $2,812.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,387
Closing costs & prepaids$10,769
Usable credit−$0
Total buyer cash needed$36,156
Earnest money paid−$0
Remaining funds due$36,156
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,870.00
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)$505.00
Initial HOA (3 months)$39.99
Prepaid interest, first (2 days)$128.79
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 8 moOf the original 30-year loan at 6.500%
Interest already paid$7,853Through Nov 2026
Assumption only · ends Jul 2056$494,585
New conventional · ends Dec 2056$528,220