Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,790/mo
+$129/mo- Down payment
- $21,219
- Funds due
- $32,364
- Interest + MI left
- $464,992
- First ends
- Aug 2055
New loan
New conventional
$2,661/mo
Lowest payment- Down payment
- $35,990
- Funds due
- $44,984
- Interest + MI left
- $473,610
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $338,681 | $323,910 |
| Second mortgage | — | — |
| First P&I | $2,230.93 | $2,194.28 |
| Second P&I | — | — |
| Mortgage insurance | $157.49 | $64.78 |
| Taxes, insurance & HOA | $402.00 | $402.00 |
| Total housing payment | $2,790.42 | $2,661.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,219
Closing costs & prepaids$11,145
Usable credit−$0
Total buyer cash needed$32,364
Earnest money paid−$0
Remaining funds due$32,364
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$432.00
Initial HOA (3 months)$324.00
Prepaid interest, first (9 days)$564.53
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 8 moOf the original 30-year loan at 6.76%
Interest already paid$30,766Through Dec 2026
Assumption only · ends Aug 2055$464,992
New conventional · ends Jan 2057$473,610