Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,931/mo
+$57/mo- Down payment
- $18,125
- Funds due
- $29,577
- Interest + MI left
- $404,547
- First ends
- Mar 2055
New loan
New conventional
$2,874/mo
Lowest payment- Down payment
- $32,500
- Funds due
- $41,831
- Interest + MI left
- $443,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $306,875 | $292,500 |
| Second mortgage | — | — |
| First P&I | $1,997.21 | $2,025.21 |
| Second P&I | — | — |
| Mortgage insurance | $143.33 | $58.50 |
| Taxes, insurance & HOA | $790.58 | $790.58 |
| Total housing payment | $2,931.13 | $2,874.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,125
Closing costs & prepaids$11,452
Usable credit−$0
Total buyer cash needed$29,577
Earnest money paid−$0
Remaining funds due$29,577
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$1,741.75
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$55.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4 moOf the original 30-year loan at 6.600%
Interest already paid$34,100Through Nov 2026
Assumption only · ends Mar 2055$404,547
New conventional · ends Dec 2056$443,596