Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,727/mo
+$56/mo- Down payment
- $18,969
- Funds due
- $29,421
- Interest + MI left
- $461,399
- First ends
- Mar 2055
New loan
New conventional
$2,671/mo
Lowest payment- Down payment
- $37,500
- Funds due
- $45,787
- Interest + MI left
- $511,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $356,031 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,294.04 | $2,336.78 |
| Second P&I | — | — |
| Mortgage insurance | $166.35 | $67.50 |
| Taxes, insurance & HOA | $266.58 | $266.58 |
| Total housing payment | $2,726.97 | $2,670.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,969
Closing costs & prepaids$10,452
Usable credit−$0
Total buyer cash needed$29,421
Earnest money paid−$0
Remaining funds due$29,421
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$13.75
Initial HOA (3 months)$336.00
Prepaid interest, first (2 days)$126.81
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 4 moOf the original 30-year loan at 6.500%
Interest already paid$38,970Through Nov 2026
Assumption only · ends Mar 2055$461,399
New conventional · ends Dec 2056$511,841