Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,985/mo
+$56/mo- Down payment
- $2,727
- Funds due
- $11,887
- Interest + MI left
- $335,889
- First ends
- Dec 2055
New loan
New conventional
$1,929/mo
Lowest payment- Down payment
- $26,490
- Funds due
- $33,589
- Interest + MI left
- $361,565
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $262,173 | $238,410 |
| Second mortgage | — | — |
| First P&I | $1,633.42 | $1,650.70 |
| Second P&I | — | — |
| Mortgage insurance | $121.46 | $47.68 |
| Taxes, insurance & HOA | $230.50 | $230.50 |
| Total housing payment | $1,985.38 | $1,928.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,727
Closing costs & prepaids$9,160
Usable credit−$0
Total buyer cash needed$11,887
Earnest money paid−$0
Remaining funds due$11,887
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,649.00
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)$4.50
Initial HOA (3 months)$237.00
Prepaid interest, first (1 days)$44.96
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 1 moOf the original 30-year loan at 6.260%
Interest already paid$15,134Through Nov 2026
Assumption only · ends Dec 2055$335,889
New conventional · ends Dec 2056$361,565