Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,906/mo
+$73/mo- Down payment
- $40,394
- Funds due
- $51,805
- Interest + MI left
- $491,946
- First ends
- Apr 2055
New loan
New conventional
$2,833/mo
Lowest payment- Down payment
- $39,250
- Funds due
- $48,490
- Interest + MI left
- $516,510
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $352,106 | $353,250 |
| Second mortgage | — | — |
| First P&I | $2,372.27 | $2,393.04 |
| Second P&I | — | — |
| Mortgage insurance | $164.26 | $70.65 |
| Taxes, insurance & HOA | $369.00 | $369.00 |
| Total housing payment | $2,905.53 | $2,832.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,394
Closing costs & prepaids$11,410
Usable credit−$0
Total buyer cash needed$51,805
Earnest money paid−$0
Remaining funds due$51,805
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,925.00
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)$471.00
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$603.40
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 6.95%
Interest already paid$41,174Through Dec 2026
Assumption only · ends Apr 2055$491,946
New conventional · ends Jan 2057$516,510