Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,215/mo
+$151/mo- Down payment
- $15,811
- Funds due
- $27,110
- Interest + MI left
- $521,731
- First ends
- Feb 2055
New loan
New conventional
$3,064/mo
Lowest payment- Down payment
- $40,500
- Funds due
- $49,597
- Interest + MI left
- $552,789
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $389,189 | $364,500 |
| Second mortgage | — | — |
| First P&I | $2,565.89 | $2,523.72 |
| Second P&I | — | — |
| Mortgage insurance | $181.88 | $72.90 |
| Taxes, insurance & HOA | $467.58 | $467.58 |
| Total housing payment | $3,215.35 | $3,064.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,811
Closing costs & prepaids$11,299
Usable credit−$0
Total buyer cash needed$27,110
Earnest money paid−$0
Remaining funds due$27,110
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$496.75
Initial HOA (3 months)$456.00
Prepaid interest, first (1 days)$71.65
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 6.720%
Interest already paid$46,248Through Nov 2026
Assumption only · ends Feb 2055$521,731
New conventional · ends Dec 2056$552,789