Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,114/mo
Lowest payment- Down payment
- $12,720
- Funds due
- $22,392
- Interest + MI left
- $330,736
- First ends
- Nov 2055
New loan
New conventional
$2,115/mo
+$1/mo- Down payment
- $26,990
- Funds due
- $34,596
- Interest + MI left
- $368,389
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $257,180 | $242,910 |
| Second mortgage | — | — |
| First P&I | $1,610.57 | $1,681.86 |
| Second P&I | — | — |
| Mortgage insurance | $119.26 | $48.58 |
| Taxes, insurance & HOA | $384.25 | $384.25 |
| Total housing payment | $2,114.08 | $2,114.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,720
Closing costs & prepaids$9,671
Usable credit−$0
Total buyer cash needed$22,392
Earnest money paid−$0
Remaining funds due$22,392
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,699.00
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)$108.75
Initial HOA (3 months)$594.00
Prepaid interest, first (1 days)$44.39
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 yrOf the original 30-year loan at 6.300%
Interest already paid$16,306Through Nov 2026
Assumption only · ends Nov 2055$330,736
New conventional · ends Dec 2056$368,389