Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,944/mo
+$49/mo- Down payment
- $26,554
- Funds due
- $37,287
- Interest + MI left
- $505,063
- First ends
- Feb 2055
New loan
New conventional
$2,895/mo
Lowest payment- Down payment
- $41,100
- Funds due
- $49,627
- Interest + MI left
- $560,977
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $384,445 | $369,899 |
| Second mortgage | — | — |
| First P&I | $2,504.58 | $2,561.11 |
| Second P&I | — | — |
| Mortgage insurance | $179.74 | $73.98 |
| Taxes, insurance & HOA | $259.50 | $259.50 |
| Total housing payment | $2,943.82 | $2,894.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,554
Closing costs & prepaids$10,733
Usable credit−$0
Total buyer cash needed$37,287
Earnest money paid−$0
Remaining funds due$37,287
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,109.99
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)$64.50
Initial HOA (3 months)$264.00
Prepaid interest, first (1 days)$69.52
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 3 moOf the original 30-year loan at 6.600%
Interest already paid$44,879Through Nov 2026
Assumption only · ends Feb 2055$505,063
New conventional · ends Dec 2056$560,977