Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,235/mo
+$166/mo- Down payment
- $11,764
- Funds due
- $23,465
- Interest + MI left
- $495,802
- First ends
- Jul 2055
New loan
New conventional
$3,069/mo
Lowest payment- Down payment
- $36,990
- Funds due
- $46,523
- Interest + MI left
- $504,880
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $358,136 | $332,910 |
| Second mortgage | — | — |
| First P&I | $2,370.85 | $2,305.00 |
| Second P&I | — | — |
| Mortgage insurance | $166.51 | $66.58 |
| Taxes, insurance & HOA | $697.83 | $697.83 |
| Total housing payment | $3,235.19 | $3,069.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,764
Closing costs & prepaids$11,701
Usable credit−$0
Total buyer cash needed$23,465
Earnest money paid−$0
Remaining funds due$23,465
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
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)$868.50
Initial HOA (3 months)$774.99
Prepaid interest, first (2 days)$133.64
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 8 moOf the original 30-year loan at 6.810%
Interest already paid$32,771Through Nov 2026
Assumption only · ends Jul 2055$495,802
New conventional · ends Dec 2056$504,880