Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,328/mo
+$28/mo- Down payment
- $3,122
- Funds due
- $15,424
- Interest + MI left
- $470,663
- First ends
- Apr 2056
New loan
New conventional
$3,301/mo
Lowest payment- Down payment
- $37,900
- Funds due
- $48,036
- Interest + MI left
- $517,301
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $375,878 | $341,100 |
| Second mortgage | — | — |
| First P&I | $2,284.07 | $2,361.71 |
| Second P&I | — | — |
| Mortgage insurance | $173.49 | $68.22 |
| Taxes, insurance & HOA | $870.66 | $870.66 |
| Total housing payment | $3,328.22 | $3,300.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,122
Closing costs & prepaids$12,302
Usable credit−$0
Total buyer cash needed$15,424
Earnest money paid−$0
Remaining funds due$15,424
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$2,122.75
Initial HOA (3 months)$39.24
Prepaid interest, first (2 days)$124.81
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 closing29 yr 5 moOf the original 30-year loan at 6.060%
Interest already paid$13,341Through Nov 2026
Assumption only · ends Apr 2056$470,663
New conventional · ends Dec 2056$517,301