Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,233/mo
+$41/mo- Down payment
- $25,829
- Funds due
- $37,189
- Interest + MI left
- $536,746
- First ends
- Mar 2055
New loan
New conventional
$3,192/mo
Lowest payment- Down payment
- $44,000
- Funds due
- $53,127
- Interest + MI left
- $600,561
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $414,171 | $396,000 |
| Second mortgage | — | — |
| First P&I | $2,668.66 | $2,741.82 |
| Second P&I | — | — |
| Mortgage insurance | $193.51 | $79.20 |
| Taxes, insurance & HOA | $370.58 | $370.58 |
| Total housing payment | $3,232.76 | $3,191.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,829
Closing costs & prepaids$11,361
Usable credit−$0
Total buyer cash needed$37,189
Earnest money paid−$0
Remaining funds due$37,189
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$361.75
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$73.76
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 6.500%
Interest already paid$45,334Through Nov 2026
Assumption only · ends Mar 2055$536,746
New conventional · ends Dec 2056$600,561