Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,011/mo
+$20/mo- Down payment
- $12,820
- Funds due
- $24,010
- Interest + MI left
- $456,433
- First ends
- Jan 2055
New loan
New conventional
$2,990/mo
Lowest payment- Down payment
- $39,200
- Funds due
- $48,206
- Interest + MI left
- $535,045
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $379,180 | $352,800 |
| Second mortgage | — | — |
| First P&I | $2,355.93 | $2,442.72 |
| Second P&I | — | — |
| Mortgage insurance | $177.81 | $70.56 |
| Taxes, insurance & HOA | $477.00 | $477.00 |
| Total housing payment | $3,010.74 | $2,990.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,820
Closing costs & prepaids$11,190
Usable credit−$0
Total buyer cash needed$24,010
Earnest money paid−$0
Remaining funds due$24,010
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,920.00
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)$639.00
Initial HOA (3 months)$342.00
Prepaid interest, first (1 days)$63.58
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 closing28 yr 2 moOf the original 30-year loan at 6.120%
Interest already paid$43,067Through Nov 2026
Assumption only · ends Jan 2055$456,433
New conventional · ends Dec 2056$535,045