Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,955/mo
+$102/mo- Down payment
- $6,872
- Funds due
- $16,299
- Interest + MI left
- $290,041
- First ends
- Jul 2055
New loan
New conventional
$1,853/mo
Lowest payment- Down payment
- $21,500
- Funds due
- $28,913
- Interest + MI left
- $293,456
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $208,128 | $193,500 |
| Second mortgage | — | — |
| First P&I | $1,383.28 | $1,339.75 |
| Second P&I | — | — |
| Mortgage insurance | $96.76 | $38.70 |
| Taxes, insurance & HOA | $474.75 | $474.75 |
| Total housing payment | $1,954.79 | $1,853.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,872
Closing costs & prepaids$9,427
Usable credit−$0
Total buyer cash needed$16,299
Earnest money paid−$0
Remaining funds due$16,299
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,150.00
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)$119.25
Initial HOA (3 months)$855.00
Prepaid interest, first (2 days)$78.12
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 8 moOf the original 30-year loan at 6.850%
Interest already paid$19,156Through Nov 2026
Assumption only · ends Jul 2055$290,041
New conventional · ends Dec 2056$293,456