Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,012/mo
+$15/mo- Down payment
- $25,944
- Funds due
- $37,642
- Interest + MI left
- $427,712
- First ends
- Jun 2055
New loan
New conventional
$2,997/mo
Lowest payment- Down payment
- $34,490
- Funds due
- $44,052
- Interest + MI left
- $470,758
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $318,956 | $310,410 |
| Second mortgage | — | — |
| First P&I | $2,077.96 | $2,149.22 |
| Second P&I | — | — |
| Mortgage insurance | $148.51 | $62.08 |
| Taxes, insurance & HOA | $785.83 | $785.83 |
| Total housing payment | $3,012.31 | $2,997.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,944
Closing costs & prepaids$11,698
Usable credit−$0
Total buyer cash needed$37,642
Earnest money paid−$0
Remaining funds due$37,642
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,449.00
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)$1,685.50
Initial HOA (3 months)$222.00
Prepaid interest, first (2 days)$116.05
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 7 moOf the original 30-year loan at 6.640%
Interest already paid$30,259Through Nov 2026
Assumption only · ends Jun 2055$427,712
New conventional · ends Dec 2056$470,758