Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,219/mo
+$268/mo- Down payment
- $2,922
- Funds due
- $13,831
- Interest + MI left
- $582,262
- First ends
- Aug 2055
New loan
New conventional
$2,952/mo
Lowest payment- Down payment
- $42,000
- Funds due
- $50,685
- Interest + MI left
- $573,262
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $417,078 | $378,000 |
| Second mortgage | — | — |
| First P&I | $2,766.70 | $2,617.20 |
| Second P&I | — | — |
| Mortgage insurance | $193.72 | $75.60 |
| Taxes, insurance & HOA | $259.00 | $259.00 |
| Total housing payment | $3,219.42 | $2,951.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,922
Closing costs & prepaids$10,908
Usable credit−$0
Total buyer cash needed$13,831
Earnest money paid−$0
Remaining funds due$13,831
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$21.00
Initial HOA (3 months)$306.00
Prepaid interest, first (2 days)$156.32
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 9 moOf the original 30-year loan at 6.840%
Interest already paid$35,918Through Nov 2026
Assumption only · ends Aug 2055$582,262
New conventional · ends Dec 2056$573,262