Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,976/mo
+$135/mo- Down payment
- $24,922
- Funds due
- $35,633
- Interest + MI left
- $518,919
- First ends
- Mar 2055
New loan
New conventional
$2,842/mo
Lowest payment- Down payment
- $39,633
- Funds due
- $48,149
- Interest + MI left
- $540,960
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $371,411 | $356,700 |
| Second mortgage | — | — |
| First P&I | $2,502.34 | $2,469.72 |
| Second P&I | — | — |
| Mortgage insurance | $173.26 | $71.34 |
| Taxes, insurance & HOA | $300.50 | $300.50 |
| Total housing payment | $2,976.10 | $2,841.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,922
Closing costs & prepaids$10,711
Usable credit−$0
Total buyer cash needed$35,633
Earnest money paid−$0
Remaining funds due$35,633
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,963.33
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)$349.50
Initial HOA (3 months)$102.00
Prepaid interest, first (1 days)$70.72
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 4 moOf the original 30-year loan at 6.950%
Interest already paid$43,431Through Nov 2026
Assumption only · ends Mar 2055$518,919
New conventional · ends Dec 2056$540,960