Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,868/mo
+$217/mo- Down payment
- $7,793
- Funds due
- $18,286
- Interest + MI left
- $495,927
- First ends
- Apr 2055
New loan
New conventional
$2,651/mo
Lowest payment- Down payment
- $36,500
- Funds due
- $44,827
- Interest + MI left
- $498,192
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $357,207 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,390.25 | $2,274.47 |
| Second P&I | — | — |
| Mortgage insurance | $166.51 | $65.70 |
| Taxes, insurance & HOA | $311.25 | $311.25 |
| Total housing payment | $2,868.01 | $2,651.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,793
Closing costs & prepaids$10,494
Usable credit−$0
Total buyer cash needed$18,286
Earnest money paid−$0
Remaining funds due$18,286
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$258.75
Initial HOA (3 months)$225.00
Prepaid interest, first (2 days)$134.86
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 5 moOf the original 30-year loan at 6.890%
Interest already paid$39,324Through Nov 2026
Assumption only · ends Apr 2055$495,927
New conventional · ends Dec 2056$498,192