Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,647/mo
+$147/mo- Down payment
- $1,199
- Funds due
- $11,484
- Interest + MI left
- $431,980
- First ends
- Jul 2055
New loan
New conventional
$2,500/mo
Lowest payment- Down payment
- $33,000
- Funds due
- $41,157
- Interest + MI left
- $450,420
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $328,801 | $297,000 |
| Second mortgage | — | — |
| First P&I | $2,110.04 | $2,056.37 |
| Second P&I | — | — |
| Mortgage insurance | $153.01 | $59.40 |
| Taxes, insurance & HOA | $383.83 | $383.83 |
| Total housing payment | $2,646.88 | $2,499.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,199
Closing costs & prepaids$10,285
Usable credit−$0
Total buyer cash needed$11,484
Earnest money paid−$0
Remaining funds due$11,484
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$302.50
Initial HOA (3 months)$399.00
Prepaid interest, first (1 days)$58.55
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 8 moOf the original 30-year loan at 6.500%
Interest already paid$28,731Through Nov 2026
Assumption only · ends Jul 2055$431,980
New conventional · ends Dec 2056$450,420