Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,689/mo
Lowest payment- Down payment
- $20,540
- Funds due
- $31,082
- Interest + MI left
- $459,586
- First ends
- Feb 2056
New loan
New conventional
$2,769/mo
+$80/mo- Down payment
- $39,000
- Funds due
- $47,362
- Interest + MI left
- $532,315
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $369,460 | $351,000 |
| Second mortgage | — | — |
| First P&I | $2,249.71 | $2,430.25 |
| Second P&I | — | — |
| Mortgage insurance | $170.88 | $70.20 |
| Taxes, insurance & HOA | $268.58 | $268.58 |
| Total housing payment | $2,689.17 | $2,769.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,540
Closing costs & prepaids$10,542
Usable credit−$0
Total buyer cash needed$31,082
Earnest money paid−$0
Remaining funds due$31,082
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$267.75
Initial HOA (3 months)$87.99
Prepaid interest, first (1 days)$61.34
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 6.060%
Interest already paid$16,878Through Nov 2026
Assumption only · ends Feb 2056$459,586
New conventional · ends Dec 2056$532,315