Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,100/mo
+$51/mo- Down payment
- $23,351
- Funds due
- $34,475
- Interest + MI left
- $510,983
- First ends
- Feb 2055
New loan
New conventional
$3,049/mo
Lowest payment- Down payment
- $41,900
- Funds due
- $50,812
- Interest + MI left
- $571,898
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $395,649 | $377,100 |
| Second mortgage | — | — |
| First P&I | $2,551.94 | $2,610.96 |
| Second P&I | — | — |
| Mortgage insurance | $185.05 | $75.42 |
| Taxes, insurance & HOA | $363.08 | $363.08 |
| Total housing payment | $3,100.07 | $3,049.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,351
Closing costs & prepaids$11,125
Usable credit−$0
Total buyer cash needed$34,475
Earnest money paid−$0
Remaining funds due$34,475
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,190.00
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)$405.25
Initial HOA (3 months)$234.00
Prepaid interest, first (1 days)$70.46
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 3 moOf the original 30-year loan at 6.500%
Interest already paid$45,496Through Nov 2026
Assumption only · ends Feb 2055$510,983
New conventional · ends Dec 2056$571,898