Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,989/mo
Lowest payment- Down payment
- $27,727
- Funds due
- $38,836
- Interest + MI left
- $507,376
- First ends
- Oct 2055
New loan
New conventional
$2,995/mo
+$5/mo- Down payment
- $41,000
- Funds due
- $49,913
- Interest + MI left
- $559,613
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $382,273 | $369,000 |
| Second mortgage | — | — |
| First P&I | $2,445.93 | $2,554.88 |
| Second P&I | — | — |
| Mortgage insurance | $177.36 | $73.80 |
| Taxes, insurance & HOA | $366.00 | $366.00 |
| Total housing payment | $2,989.29 | $2,994.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,727
Closing costs & prepaids$11,109
Usable credit−$0
Total buyer cash needed$38,836
Earnest money paid−$0
Remaining funds due$38,836
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$342.00
Initial HOA (3 months)$306.00
Prepaid interest, first (2 days)$136.15
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 6.500%
Interest already paid$27,099Through Nov 2026
Assumption only · ends Oct 2055$507,376
New conventional · ends Dec 2056$559,613