Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,850/mo
+$150/mo- Down payment
- $12,778
- Funds due
- $23,915
- Interest + MI left
- $470,589
- First ends
- Apr 2055
New loan
New conventional
$2,700/mo
Lowest payment- Down payment
- $37,590
- Funds due
- $46,568
- Interest + MI left
- $494,665
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $363,122 | $338,310 |
| Second mortgage | — | — |
| First P&I | $2,339.73 | $2,291.83 |
| Second P&I | — | — |
| Mortgage insurance | $169.66 | $67.66 |
| Taxes, insurance & HOA | $340.33 | $340.33 |
| Total housing payment | $2,849.73 | $2,699.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,778
Closing costs & prepaids$11,137
Usable credit−$0
Total buyer cash needed$23,915
Earnest money paid−$0
Remaining funds due$23,915
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,759.00
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)$451.00
Initial HOA (3 months)$120.00
Prepaid interest, first (9 days)$581.99
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$39,746Through Dec 2026
Assumption only · ends Apr 2055$470,589
New conventional · ends Jan 2057$494,665