Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,308/mo
+$281/mo- Down payment
- $13,093
- Funds due
- $24,985
- Interest + MI left
- $553,185
- First ends
- Mar 2055
New loan
New conventional
$3,028/mo
Lowest payment- Down payment
- $41,300
- Funds due
- $50,956
- Interest + MI left
- $543,487
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $399,907 | $371,700 |
| Second mortgage | — | — |
| First P&I | $2,686.34 | $2,518.03 |
| Second P&I | — | — |
| Mortgage insurance | $186.76 | $74.34 |
| Taxes, insurance & HOA | $435.17 | $435.17 |
| Total housing payment | $3,308.27 | $3,027.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,093
Closing costs & prepaids$11,892
Usable credit−$0
Total buyer cash needed$24,985
Earnest money paid−$0
Remaining funds due$24,985
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,130.00
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)$495.50
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$681.38
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 3 moOf the original 30-year loan at 6.91%
Interest already paid$48,847Through Dec 2026
Assumption only · ends Mar 2055$553,185
New conventional · ends Jan 2057$543,487