Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,815/mo
+$99/mo- Down payment
- $12,407
- Funds due
- $22,922
- Interest + MI left
- $472,688
- First ends
- Apr 2055
New loan
New conventional
$2,716/mo
Lowest payment- Down payment
- $37,590
- Funds due
- $45,933
- Interest + MI left
- $513,070
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $363,493 | $338,310 |
| Second mortgage | — | — |
| First P&I | $2,339.73 | $2,342.39 |
| Second P&I | — | — |
| Mortgage insurance | $169.66 | $67.66 |
| Taxes, insurance & HOA | $305.58 | $305.58 |
| Total housing payment | $2,814.98 | $2,715.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,407
Closing costs & prepaids$10,515
Usable credit−$0
Total buyer cash needed$22,922
Earnest money paid−$0
Remaining funds due$22,922
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,759.00
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)$346.75
Initial HOA (3 months)$120.00
Prepaid interest, first (1 days)$64.73
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 5 moOf the original 30-year loan at 6.500%
Interest already paid$37,777Through Nov 2026
Assumption only · ends Apr 2055$472,688
New conventional · ends Dec 2056$513,070