Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,840/mo
Lowest payment- Down payment
- $29,162
- Funds due
- $41,028
- Interest + MI left
- $416,691
- First ends
- Apr 2056
New loan
New conventional
$2,924/mo
+$84/mo- Down payment
- $36,000
- Funds due
- $45,781
- Interest + MI left
- $473,742
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $330,838 | $324,000 |
| Second mortgage | — | — |
| First P&I | $2,023.06 | $2,194.89 |
| Second P&I | — | — |
| Mortgage insurance | $152.85 | $64.80 |
| Taxes, insurance & HOA | $664.00 | $664.00 |
| Total housing payment | $2,839.90 | $2,923.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,162
Closing costs & prepaids$11,865
Usable credit−$0
Total buyer cash needed$41,028
Earnest money paid−$0
Remaining funds due$41,028
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$1,110.00
Prepaid interest, first (9 days)$498.43
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 closing29 yr 4 moOf the original 30-year loan at 6.11%
Interest already paid$13,537Through Dec 2026
Assumption only · ends Apr 2056$416,691
New conventional · ends Jan 2057$473,742