Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,517/mo
+$32/mo- Down payment
- $20,296
- Funds due
- $31,101
- Interest + MI left
- $427,756
- First ends
- Oct 2056
New loan
New conventional
$2,485/mo
Lowest payment- Down payment
- $33,099
- Funds due
- $41,803
- Interest + MI left
- $435,566
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $310,694 | $297,891 |
| Second mortgage | — | — |
| First P&I | $1,967.36 | $2,018.02 |
| Second P&I | — | — |
| Mortgage insurance | $142.66 | $59.58 |
| Taxes, insurance & HOA | $407.42 | $407.42 |
| Total housing payment | $2,517.44 | $2,485.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,296
Closing costs & prepaids$10,805
Usable credit−$0
Total buyer cash needed$31,101
Earnest money paid−$0
Remaining funds due$31,101
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,309.90
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)$397.25
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$497.96
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 10 moOf the original 30-year loan at 6.5%
Interest already paid$3,370Through Dec 2026
Assumption only · ends Oct 2056$427,756
New conventional · ends Jan 2057$435,566