Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,519/mo
+$76/mo- Down payment
- $13,498
- Funds due
- $24,201
- Interest + MI left
- $344,118
- First ends
- Jun 2055
New loan
New conventional
$2,443/mo
Lowest payment- Down payment
- $26,500
- Funds due
- $35,139
- Interest + MI left
- $361,701
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $251,502 | $238,500 |
| Second mortgage | — | — |
| First P&I | $1,658.26 | $1,651.33 |
| Second P&I | — | — |
| Mortgage insurance | $117.06 | $47.70 |
| Taxes, insurance & HOA | $743.67 | $743.67 |
| Total housing payment | $2,518.98 | $2,442.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,498
Closing costs & prepaids$10,703
Usable credit−$0
Total buyer cash needed$24,201
Earnest money paid−$0
Remaining funds due$24,201
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$761.00
Initial HOA (3 months)$1,020.00
Prepaid interest, first (1 days)$46.58
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 7 moOf the original 30-year loan at 6.760%
Interest already paid$24,286Through Nov 2026
Assumption only · ends Jun 2055$344,118
New conventional · ends Dec 2056$361,701