Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,701/mo
+$28/mo- Down payment
- $1,711
- Funds due
- $10,740
- Interest + MI left
- $244,094
- First ends
- Feb 2056
New loan
New conventional
$1,672/mo
Lowest payment- Down payment
- $19,440
- Funds due
- $26,477
- Interest + MI left
- $265,339
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $192,689 | $174,960 |
| Second mortgage | — | — |
| First P&I | $1,185.68 | $1,211.39 |
| Second P&I | — | — |
| Mortgage insurance | $89.11 | $34.99 |
| Taxes, insurance & HOA | $425.75 | $425.75 |
| Total housing payment | $1,700.53 | $1,672.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,711
Closing costs & prepaids$9,029
Usable credit−$0
Total buyer cash needed$10,740
Earnest money paid−$0
Remaining funds due$10,740
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,944.00
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)$122.25
Initial HOA (3 months)$705.00
Prepaid interest, first (1 days)$32.52
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 closing29 yr 3 moOf the original 30-year loan at 6.160%
Interest already paid$8,947Through Nov 2026
Assumption only · ends Feb 2056$244,094
New conventional · ends Dec 2056$265,339