Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,321/mo
+$123/mo- Down payment
- $2,941
- Funds due
- $14,376
- Interest + MI left
- $524,594
- First ends
- Dec 2054
New loan
New conventional
$3,198/mo
Lowest payment- Down payment
- $43,400
- Funds due
- $52,607
- Interest + MI left
- $592,371
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $431,059 | $390,600 |
| Second mortgage | — | — |
| First P&I | $2,703.17 | $2,704.44 |
| Second P&I | — | — |
| Mortgage insurance | $202.29 | $78.12 |
| Taxes, insurance & HOA | $415.50 | $415.50 |
| Total housing payment | $3,320.96 | $3,198.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,941
Closing costs & prepaids$11,435
Usable credit−$0
Total buyer cash needed$14,376
Earnest money paid−$0
Remaining funds due$14,376
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,340.00
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)$340.50
Initial HOA (3 months)$456.00
Prepaid interest, first (1 days)$73.22
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 1 moOf the original 30-year loan at 6.200%
Interest already paid$51,875Through Nov 2026
Assumption only · ends Dec 2054$524,594
New conventional · ends Dec 2056$592,371