Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,622/mo
+$72/mo- Down payment
- $17,630
- Funds due
- $28,501
- Interest + MI left
- $447,246
- First ends
- Apr 2056
New loan
New conventional
$2,549/mo
Lowest payment- Down payment
- $34,900
- Funds due
- $43,648
- Interest + MI left
- $459,266
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $331,370 | $314,100 |
| Second mortgage | — | — |
| First P&I | $2,110.04 | $2,127.82 |
| Second P&I | — | — |
| Mortgage insurance | $153.01 | $62.82 |
| Taxes, insurance & HOA | $358.58 | $358.58 |
| Total housing payment | $2,621.63 | $2,549.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,630
Closing costs & prepaids$10,872
Usable credit−$0
Total buyer cash needed$28,501
Earnest money paid−$0
Remaining funds due$28,501
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$418.75
Initial HOA (3 months)$207.00
Prepaid interest, first (9 days)$531.10
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 closing29 yr 4 moOf the original 30-year loan at 6.5%
Interest already paid$14,420Through Dec 2026
Assumption only · ends Apr 2056$447,246
New conventional · ends Jan 2057$459,266