Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,731/mo
Lowest payment- Down payment
- $28,960
- Funds due
- $39,019
- Interest + MI left
- $171,863
- First ends
- Jan 2056
New loan
New conventional
$2,321/mo
+$590/mo- Down payment
- $29,500
- Funds due
- $37,525
- Interest + MI left
- $402,649
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $266,040 | $265,500 |
| Second mortgage | — | — |
| First P&I | $1,177.42 | $1,838.27 |
| Second P&I | — | — |
| Mortgage insurance | $124.00 | $53.10 |
| Taxes, insurance & HOA | $429.17 | $429.17 |
| Total housing payment | $1,730.58 | $2,320.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,960
Closing costs & prepaids$10,060
Usable credit−$0
Total buyer cash needed$39,019
Earnest money paid−$0
Remaining funds due$39,019
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$120.50
Initial HOA (3 months)$717.00
Prepaid interest, first (2 days)$47.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2 moOf the original 30-year loan at 3.250%
Interest already paid$7,273Through Nov 2026
Assumption only · ends Jan 2056$171,863
New conventional · ends Dec 2056$402,649