Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,001/mo
+$131/mo- Down payment
- $7,067
- Funds due
- $16,906
- Interest + MI left
- $288,776
- First ends
- Jul 2055
New loan
New conventional
$1,871/mo
Lowest payment- Down payment
- $21,500
- Funds due
- $29,316
- Interest + MI left
- $282,929
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $207,933 | $193,500 |
| Second mortgage | — | — |
| First P&I | $1,383.28 | $1,310.84 |
| Second P&I | — | — |
| Mortgage insurance | $96.76 | $38.70 |
| Taxes, insurance & HOA | $521.00 | $521.00 |
| Total housing payment | $2,001.04 | $1,870.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,067
Closing costs & prepaids$9,839
Usable credit−$0
Total buyer cash needed$16,906
Earnest money paid−$0
Remaining funds due$16,906
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)$258.00
Initial HOA (3 months)$855.00
Prepaid interest, first (9 days)$351.21
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 7 moOf the original 30-year loan at 6.85%
Interest already paid$20,344Through Dec 2026
Assumption only · ends Jul 2055$288,776
New conventional · ends Jan 2057$282,929