Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,469/mo
+$236/mo- Down payment
- $21,908
- Funds due
- $34,167
- Interest + MI left
- $575,525
- First ends
- Jan 2055
New loan
New conventional
$3,233/mo
Lowest payment- Down payment
- $44,500
- Funds due
- $54,509
- Interest + MI left
- $585,597
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $423,092 | $400,500 |
| Second mortgage | — | — |
| First P&I | $2,830.92 | $2,713.13 |
| Second P&I | — | — |
| Mortgage insurance | $198.01 | $80.10 |
| Taxes, insurance & HOA | $440.00 | $440.00 |
| Total housing payment | $3,468.93 | $3,233.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,908
Closing costs & prepaids$12,260
Usable credit−$0
Total buyer cash needed$34,167
Earnest money paid−$0
Remaining funds due$34,167
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$534.00
Initial HOA (3 months)$336.00
Prepaid interest, first (9 days)$714.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 1 moOf the original 30-year loan at 6.85%
Interest already paid$56,174Through Dec 2026
Assumption only · ends Jan 2055$575,525
New conventional · ends Jan 2057$585,597