Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,534/mo
Lowest payment- Down payment
- $38,676
- Funds due
- $49,676
- Interest + MI left
- $415,101
- First ends
- Jan 2056
New loan
New conventional
$2,649/mo
+$115/mo- Down payment
- $36,500
- Funds due
- $45,416
- Interest + MI left
- $480,321
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $326,324 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,024.68 | $2,225.37 |
| Second P&I | — | — |
| Mortgage insurance | $151.19 | $65.70 |
| Taxes, insurance & HOA | $358.00 | $358.00 |
| Total housing payment | $2,533.88 | $2,649.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,676
Closing costs & prepaids$10,999
Usable credit−$0
Total buyer cash needed$49,676
Earnest money paid−$0
Remaining funds due$49,676
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)$438.00
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$500.48
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 1 moOf the original 30-year loan at 6.22%
Interest already paid$18,717Through Dec 2026
Assumption only · ends Jan 2056$415,101
New conventional · ends Jan 2057$480,321