Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,259/mo
+$103/mo- Down payment
- $22,165
- Funds due
- $33,980
- Interest + MI left
- $482,484
- First ends
- Feb 2055
New loan
New conventional
$3,156/mo
Lowest payment- Down payment
- $37,850
- Funds due
- $47,489
- Interest + MI left
- $516,619
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $356,335 | $340,650 |
| Second mortgage | — | — |
| First P&I | $2,363.26 | $2,358.59 |
| Second P&I | — | — |
| Mortgage insurance | $166.49 | $68.13 |
| Taxes, insurance & HOA | $729.58 | $729.58 |
| Total housing payment | $3,259.33 | $3,156.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,165
Closing costs & prepaids$11,815
Usable credit−$0
Total buyer cash needed$33,980
Earnest money paid−$0
Remaining funds due$33,980
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,785.00
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)$259.75
Initial HOA (3 months)$1,479.00
Prepaid interest, first (1 days)$66.19
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3 moOf the original 30-year loan at 6.780%
Interest already paid$42,717Through Nov 2026
Assumption only · ends Feb 2055$482,484
New conventional · ends Dec 2056$516,619