Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,166/mo
+$211/mo- Down payment
- $5,855
- Funds due
- $17,617
- Interest + MI left
- $506,775
- First ends
- Apr 2055
New loan
New conventional
$2,955/mo
Lowest payment- Down payment
- $39,690
- Funds due
- $49,261
- Interest + MI left
- $522,300
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $391,045 | $357,210 |
| Second mortgage | — | — |
| First P&I | $2,519.65 | $2,419.86 |
| Second P&I | — | — |
| Mortgage insurance | $182.71 | $71.44 |
| Taxes, insurance & HOA | $463.75 | $463.75 |
| Total housing payment | $3,166.11 | $2,955.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,855
Closing costs & prepaids$11,762
Usable credit−$0
Total buyer cash needed$17,617
Earnest money paid−$0
Remaining funds due$17,617
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,969.00
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)$476.25
Initial HOA (3 months)$465.00
Prepaid interest, first (9 days)$626.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 4 moOf the original 30-year loan at 6.5%
Interest already paid$42,802Through Dec 2026
Assumption only · ends Apr 2055$506,775
New conventional · ends Jan 2057$522,300