Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,319/mo
+$176/mo- Down payment
- $23,084
- Funds due
- $34,442
- Interest + MI left
- $560,504
- First ends
- Feb 2055
New loan
New conventional
$3,144/mo
Lowest payment- Down payment
- $42,500
- Funds due
- $51,634
- Interest + MI left
- $580,087
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $401,916 | $382,500 |
| Second mortgage | — | — |
| First P&I | $2,713.07 | $2,648.35 |
| Second P&I | — | — |
| Mortgage insurance | $187.66 | $76.50 |
| Taxes, insurance & HOA | $418.75 | $418.75 |
| Total housing payment | $3,319.48 | $3,143.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,084
Closing costs & prepaids$11,358
Usable credit−$0
Total buyer cash needed$34,442
Earnest money paid−$0
Remaining funds due$34,442
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$738.75
Initial HOA (3 months)$67.50
Prepaid interest, first (1 days)$76.64
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 6.960%
Interest already paid$49,443Through Nov 2026
Assumption only · ends Feb 2055$560,504
New conventional · ends Dec 2056$580,087