Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,266/mo
+$133/mo- Down payment
- $29,383
- Funds due
- $41,435
- Interest + MI left
- $542,893
- First ends
- May 2055
New loan
New conventional
$3,133/mo
Lowest payment- Down payment
- $42,890
- Funds due
- $52,730
- Interest + MI left
- $564,410
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $399,517 | $386,010 |
| Second mortgage | — | — |
| First P&I | $2,639.26 | $2,614.97 |
| Second P&I | — | — |
| Mortgage insurance | $186.31 | $77.20 |
| Taxes, insurance & HOA | $440.58 | $440.58 |
| Total housing payment | $3,266.16 | $3,132.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,383
Closing costs & prepaids$12,052
Usable credit−$0
Total buyer cash needed$41,435
Earnest money paid−$0
Remaining funds due$41,435
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,289.00
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)$514.75
Initial HOA (3 months)$357.00
Prepaid interest, first (9 days)$665.93
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 5 moOf the original 30-year loan at 6.76%
Interest already paid$43,162Through Dec 2026
Assumption only · ends May 2055$542,893
New conventional · ends Jan 2057$564,410