Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,351/mo
Lowest payment- Down payment
- $37,027
- Funds due
- $49,342
- Interest + MI left
- $483,747
- First ends
- Feb 2055
New loan
New conventional
$3,453/mo
+$102/mo- Down payment
- $42,800
- Funds due
- $52,909
- Interest + MI left
- $584,182
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $390,973 | $385,200 |
| Second mortgage | — | — |
| First P&I | $2,461.42 | $2,667.05 |
| Second P&I | — | — |
| Mortgage insurance | $180.89 | $77.04 |
| Taxes, insurance & HOA | $708.58 | $708.58 |
| Total housing payment | $3,350.89 | $3,452.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,027
Closing costs & prepaids$12,315
Usable credit−$0
Total buyer cash needed$49,342
Earnest money paid−$0
Remaining funds due$49,342
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,280.00
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)$325.75
Initial HOA (3 months)$1,350.00
Prepaid interest, first (2 days)$134.11
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 3 moOf the original 29-year loan at 6.260%
Interest already paid$18,453Through Nov 2026
Assumption only · ends Feb 2055$483,747
New conventional · ends Dec 2056$584,182