Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,619/mo
+$32/mo- Down payment
- $20,592
- Funds due
- $30,954
- Interest + MI left
- $426,896
- First ends
- Mar 2055
New loan
New conventional
$2,587/mo
Lowest payment- Down payment
- $35,000
- Funds due
- $43,217
- Interest + MI left
- $477,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $329,408 | $315,000 |
| Second mortgage | — | — |
| First P&I | $2,122.50 | $2,181.00 |
| Second P&I | — | — |
| Mortgage insurance | $153.91 | $63.00 |
| Taxes, insurance & HOA | $342.83 | $342.83 |
| Total housing payment | $2,619.24 | $2,586.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,592
Closing costs & prepaids$10,362
Usable credit−$0
Total buyer cash needed$30,954
Earnest money paid−$0
Remaining funds due$30,954
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$431.50
Initial HOA (3 months)$147.00
Prepaid interest, first (1 days)$58.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.500%
Interest already paid$36,056Through Nov 2026
Assumption only · ends Mar 2055$426,896
New conventional · ends Dec 2056$477,719