Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,706/mo
Lowest payment- Down payment
- $38,153
- Funds due
- $48,735
- Interest + MI left
- $478,937
- First ends
- Oct 2055
New loan
New conventional
$2,788/mo
+$82/mo- Down payment
- $39,900
- Funds due
- $48,300
- Interest + MI left
- $544,599
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $360,847 | $359,100 |
| Second mortgage | — | — |
| First P&I | $2,308.83 | $2,486.34 |
| Second P&I | — | — |
| Mortgage insurance | $167.42 | $71.82 |
| Taxes, insurance & HOA | $229.58 | $229.58 |
| Total housing payment | $2,705.83 | $2,787.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,153
Closing costs & prepaids$10,582
Usable credit−$0
Total buyer cash needed$48,735
Earnest money paid−$0
Remaining funds due$48,735
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$52.75
Initial HOA (3 months)$186.00
Prepaid interest, first (2 days)$128.52
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$25,580Through Nov 2026
Assumption only · ends Oct 2055$478,937
New conventional · ends Dec 2056$544,599