Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,386/mo
Lowest payment- Down payment
- $29,039
- Funds due
- $39,279
- Interest + MI left
- $396,001
- First ends
- Apr 2056
New loan
New conventional
$2,548/mo
+$162/mo- Down payment
- $34,999
- Funds due
- $43,100
- Interest + MI left
- $477,705
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $320,951 | $314,991 |
| Second mortgage | — | — |
| First P&I | $1,933.87 | $2,180.93 |
| Second P&I | — | — |
| Mortgage insurance | $148.15 | $63.00 |
| Taxes, insurance & HOA | $303.92 | $303.92 |
| Total housing payment | $2,385.94 | $2,547.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,039
Closing costs & prepaids$10,239
Usable credit−$0
Total buyer cash needed$39,279
Earnest money paid−$0
Remaining funds due$39,279
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.90
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)$239.75
Initial HOA (3 months)$222.00
Prepaid interest, first (1 days)$52.58
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 5 moOf the original 30-year loan at 5.980%
Interest already paid$11,242Through Nov 2026
Assumption only · ends Apr 2056$396,001
New conventional · ends Dec 2056$477,705