Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,891/mo
+$58/mo- Down payment
- $16,994
- Funds due
- $26,359
- Interest + MI left
- $281,672
- First ends
- Apr 2055
New loan
New conventional
$1,833/mo
Lowest payment- Down payment
- $21,500
- Funds due
- $28,852
- Interest + MI left
- $293,456
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $198,006 | $193,500 |
| Second mortgage | — | — |
| First P&I | $1,344.57 | $1,339.75 |
| Second P&I | — | — |
| Mortgage insurance | $92.26 | $38.70 |
| Taxes, insurance & HOA | $454.50 | $454.50 |
| Total housing payment | $1,891.33 | $1,832.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,994
Closing costs & prepaids$9,365
Usable credit−$0
Total buyer cash needed$26,359
Earnest money paid−$0
Remaining funds due$26,359
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,150.00
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)$100.50
Initial HOA (3 months)$813.00
Prepaid interest, first (2 days)$76.38
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 5 moOf the original 30-year loan at 7.040%
Interest already paid$22,267Through Nov 2026
Assumption only · ends Apr 2055$281,672
New conventional · ends Dec 2056$293,456