Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,732/mo
+$116/mo- Down payment
- $18,427
- Funds due
- $31,026
- Interest + MI left
- $587,640
- First ends
- Jan 2055
New loan
New conventional
$3,616/mo
Lowest payment- Down payment
- $47,500
- Funds due
- $57,835
- Interest + MI left
- $648,333
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $456,573 | $427,500 |
| Second mortgage | — | — |
| First P&I | $2,947.94 | $2,959.92 |
| Second P&I | — | — |
| Mortgage insurance | $213.76 | $85.50 |
| Taxes, insurance & HOA | $570.58 | $570.58 |
| Total housing payment | $3,732.29 | $3,616.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,427
Closing costs & prepaids$12,599
Usable credit−$0
Total buyer cash needed$31,026
Earnest money paid−$0
Remaining funds due$31,026
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$611.75
Initial HOA (3 months)$600.00
Prepaid interest, first (2 days)$162.62
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 2 moOf the original 30-year loan at 6.500%
Interest already paid$55,032Through Nov 2026
Assumption only · ends Jan 2055$587,640
New conventional · ends Dec 2056$648,333