Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,125/mo
+$45/mo- Down payment
- $15,090
- Funds due
- $26,414
- Interest + MI left
- $517,100
- First ends
- Oct 2055
New loan
New conventional
$3,081/mo
Lowest payment- Down payment
- $41,500
- Funds due
- $50,621
- Interest + MI left
- $566,438
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $399,910 | $373,500 |
| Second mortgage | — | — |
| First P&I | $2,519.86 | $2,586.04 |
| Second P&I | — | — |
| Mortgage insurance | $185.61 | $74.70 |
| Taxes, insurance & HOA | $419.92 | $419.92 |
| Total housing payment | $3,125.38 | $3,080.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,090
Closing costs & prepaids$11,324
Usable credit−$0
Total buyer cash needed$26,414
Earnest money paid−$0
Remaining funds due$26,414
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$446.75
Initial HOA (3 months)$363.00
Prepaid interest, first (2 days)$139.15
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 closing28 yr 11 moOf the original 30-year loan at 6.350%
Interest already paid$27,700Through Nov 2026
Assumption only · ends Oct 2055$517,100
New conventional · ends Dec 2056$566,438