Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,997/mo
+$21/mo- Down payment
- $31,625
- Funds due
- $42,546
- Interest + MI left
- $527,506
- First ends
- Jun 2055
New loan
New conventional
$2,976/mo
Lowest payment- Down payment
- $42,500
- Funds due
- $51,208
- Interest + MI left
- $580,087
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $393,375 | $382,500 |
| Second mortgage | — | — |
| First P&I | $2,562.79 | $2,648.35 |
| Second P&I | — | — |
| Mortgage insurance | $183.16 | $76.50 |
| Taxes, insurance & HOA | $250.83 | $250.83 |
| Total housing payment | $2,996.79 | $2,975.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,625
Closing costs & prepaids$10,921
Usable credit−$0
Total buyer cash needed$42,546
Earnest money paid−$0
Remaining funds due$42,546
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$95.50
Initial HOA (3 months)$207.00
Prepaid interest, first (2 days)$143.12
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$37,319Through Nov 2026
Assumption only · ends Jun 2055$527,506
New conventional · ends Dec 2056$580,087