Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,896/mo
+$44/mo- Down payment
- $25,067
- Funds due
- $36,119
- Interest + MI left
- $473,884
- First ends
- Oct 2055
New loan
New conventional
$2,852/mo
Lowest payment- Down payment
- $36,900
- Funds due
- $45,790
- Interest + MI left
- $503,652
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $343,933 | $332,100 |
| Second mortgage | — | — |
| First P&I | $2,250.09 | $2,299.39 |
| Second P&I | — | — |
| Mortgage insurance | $159.49 | $66.42 |
| Taxes, insurance & HOA | $486.59 | $486.59 |
| Total housing payment | $2,896.17 | $2,852.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,067
Closing costs & prepaids$11,051
Usable credit−$0
Total buyer cash needed$36,119
Earnest money paid−$0
Remaining funds due$36,119
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$959.75
Initial HOA (3 months)$50.01
Prepaid interest, first (2 days)$126.64
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 11 moOf the original 30-year loan at 6.720%
Interest already paid$25,199Through Nov 2026
Assumption only · ends Oct 2055$473,884
New conventional · ends Dec 2056$503,652