Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,317/mo
Lowest payment- Down payment
- $16,259
- Funds due
- $26,227
- Interest + MI left
- $393,344
- First ends
- Aug 2056
New loan
New conventional
$2,335/mo
+$18/mo- Down payment
- $31,000
- Funds due
- $38,863
- Interest + MI left
- $423,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $293,741 | $279,000 |
| Second mortgage | — | — |
| First P&I | $1,834.82 | $1,931.74 |
| Second P&I | — | — |
| Mortgage insurance | $135.01 | $55.80 |
| Taxes, insurance & HOA | $347.25 | $347.25 |
| Total housing payment | $2,317.08 | $2,334.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,259
Closing costs & prepaids$9,968
Usable credit−$0
Total buyer cash needed$26,227
Earnest money paid−$0
Remaining funds due$26,227
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$585.00
Initial HOA (3 months)$6.75
Prepaid interest, first (1 days)$51.18
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 closing29 yr 9 moOf the original 30-year loan at 6.360%
Interest already paid$4,679Through Nov 2026
Assumption only · ends Aug 2056$393,344
New conventional · ends Dec 2056$423,122