Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,726/mo
Lowest payment- Down payment
- $38,773
- Funds due
- $49,659
- Interest + MI left
- $460,414
- First ends
- Mar 2056
New loan
New conventional
$2,832/mo
+$106/mo- Down payment
- $37,990
- Funds due
- $46,713
- Interest + MI left
- $518,530
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $341,127 | $341,910 |
| Second mortgage | — | — |
| First P&I | $2,172.16 | $2,367.32 |
| Second P&I | — | — |
| Mortgage insurance | $157.51 | $68.38 |
| Taxes, insurance & HOA | $396.67 | $396.67 |
| Total housing payment | $2,726.34 | $2,832.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,773
Closing costs & prepaids$10,885
Usable credit−$0
Total buyer cash needed$49,659
Earnest money paid−$0
Remaining funds due$49,659
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$488.00
Initial HOA (3 months)$252.00
Prepaid interest, first (2 days)$121.50
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 4 moOf the original 30-year loan at 6.500%
Interest already paid$14,844Through Nov 2026
Assumption only · ends Mar 2056$460,414
New conventional · ends Dec 2056$518,530