Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,010/mo
+$158/mo- Down payment
- $5,455
- Funds due
- $16,193
- Interest + MI left
- $509,036
- First ends
- Apr 2055
New loan
New conventional
$2,853/mo
Lowest payment- Down payment
- $39,690
- Funds due
- $48,233
- Interest + MI left
- $541,733
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $391,445 | $357,210 |
| Second mortgage | — | — |
| First P&I | $2,519.65 | $2,473.25 |
| Second P&I | — | — |
| Mortgage insurance | $182.71 | $71.44 |
| Taxes, insurance & HOA | $307.92 | $307.92 |
| Total housing payment | $3,010.28 | $2,852.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,455
Closing costs & prepaids$10,737
Usable credit−$0
Total buyer cash needed$16,193
Earnest money paid−$0
Remaining funds due$16,193
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,969.00
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)$8.75
Initial HOA (3 months)$465.00
Prepaid interest, first (1 days)$69.71
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 5 moOf the original 30-year loan at 6.500%
Interest already paid$40,682Through Nov 2026
Assumption only · ends Apr 2055$509,036
New conventional · ends Dec 2056$541,733