Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,728/mo
Lowest payment- Down payment
- $31,219
- Funds due
- $40,229
- Interest + MI left
- $297,292
- First ends
- Dec 2055
New loan
New conventional
$1,852/mo
+$124/mo- Down payment
- $26,000
- Funds due
- $32,965
- Interest + MI left
- $354,877
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $228,781 | $234,000 |
| Second mortgage | — | — |
| First P&I | $1,437.20 | $1,620.17 |
| Second P&I | — | — |
| Mortgage insurance | $105.97 | $46.80 |
| Taxes, insurance & HOA | $184.92 | $184.92 |
| Total housing payment | $1,728.09 | $1,851.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,219
Closing costs & prepaids$9,009
Usable credit−$0
Total buyer cash needed$40,229
Earnest money paid−$0
Remaining funds due$40,229
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,600.00
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)$39.75
Initial HOA (3 months)$65.01
Prepaid interest, first (2 days)$79.48
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 1 moOf the original 30-year loan at 6.340%
Interest already paid$13,374Through Nov 2026
Assumption only · ends Dec 2055$297,292
New conventional · ends Dec 2056$354,877