Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,261/mo
+$38/mo- Down payment
- $39,041
- Funds due
- $50,544
- Interest + MI left
- $541,476
- First ends
- Feb 2055
New loan
New conventional
$3,224/mo
Lowest payment- Down payment
- $43,500
- Funds due
- $52,774
- Interest + MI left
- $593,736
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $395,959 | $391,500 |
| Second mortgage | — | — |
| First P&I | $2,641.62 | $2,710.67 |
| Second P&I | — | — |
| Mortgage insurance | $184.96 | $78.30 |
| Taxes, insurance & HOA | $434.75 | $434.75 |
| Total housing payment | $3,261.33 | $3,223.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,041
Closing costs & prepaids$11,503
Usable credit−$0
Total buyer cash needed$50,544
Earnest money paid−$0
Remaining funds due$50,544
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$620.25
Initial HOA (3 months)$234.00
Prepaid interest, first (1 days)$74.20
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 6.840%
Interest already paid$47,881Through Nov 2026
Assumption only · ends Feb 2055$541,476
New conventional · ends Dec 2056$593,736