Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,126/mo
Lowest payment- Down payment
- $38,420
- Funds due
- $48,152
- Interest + MI left
- $349,574
- First ends
- Jun 2055
New loan
New conventional
$2,227/mo
+$101/mo- Down payment
- $29,999
- Funds due
- $37,639
- Interest + MI left
- $409,460
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $261,570 | $269,991 |
| Second mortgage | — | — |
| First P&I | $1,700.69 | $1,869.36 |
| Second P&I | — | — |
| Mortgage insurance | $121.80 | $54.00 |
| Taxes, insurance & HOA | $303.33 | $303.33 |
| Total housing payment | $2,125.82 | $2,226.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,420
Closing costs & prepaids$9,732
Usable credit−$0
Total buyer cash needed$48,152
Earnest money paid−$0
Remaining funds due$48,152
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.90
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)$13.00
Initial HOA (3 months)$447.00
Prepaid interest, first (1 days)$47.44
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 7 moOf the original 30-year loan at 6.620%
Interest already paid$24,741Through Nov 2026
Assumption only · ends Jun 2055$349,574
New conventional · ends Dec 2056$409,460