Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,596/mo
Lowest payment- Down payment
- $23,230
- Funds due
- $32,062
- Interest + MI left
- $239,214
- First ends
- Feb 2055
New loan
New conventional
$1,623/mo
+$27/mo- Down payment
- $19,990
- Funds due
- $26,826
- Interest + MI left
- $272,846
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $176,670 | $179,910 |
| Second mortgage | — | — |
| First P&I | $1,171.70 | $1,245.66 |
| Second P&I | — | — |
| Mortgage insurance | $82.54 | $35.98 |
| Taxes, insurance & HOA | $341.83 | $341.83 |
| Total housing payment | $1,596.08 | $1,623.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,230
Closing costs & prepaids$8,832
Usable credit−$0
Total buyer cash needed$32,062
Earnest money paid−$0
Remaining funds due$32,062
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,999.00
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)$125.50
Initial HOA (3 months)$450.00
Prepaid interest, first (1 days)$32.82
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 6.780%
Interest already paid$21,179Through Nov 2026
Assumption only · ends Feb 2055$239,214
New conventional · ends Dec 2056$272,846