Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,103/mo
+$76/mo- Down payment
- $28,997
- Funds due
- $40,041
- Interest + MI left
- $545,292
- First ends
- May 2055
New loan
New conventional
$3,027/mo
Lowest payment- Down payment
- $42,890
- Funds due
- $51,714
- Interest + MI left
- $585,410
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $399,903 | $386,010 |
| Second mortgage | — | — |
| First P&I | $2,639.26 | $2,672.66 |
| Second P&I | — | — |
| Mortgage insurance | $186.31 | $77.20 |
| Taxes, insurance & HOA | $277.33 | $277.33 |
| Total housing payment | $3,102.91 | $3,027.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,997
Closing costs & prepaids$11,044
Usable credit−$0
Total buyer cash needed$40,041
Earnest money paid−$0
Remaining funds due$40,041
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,289.00
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)$25.00
Initial HOA (3 months)$357.00
Prepaid interest, first (2 days)$148.13
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 closing28 yr 6 moOf the original 30-year loan at 6.760%
Interest already paid$40,909Through Nov 2026
Assumption only · ends May 2055$545,292
New conventional · ends Dec 2056$585,410