Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,324/mo
+$78/mo- Down payment
- $18,002
- Funds due
- $27,851
- Interest + MI left
- $386,580
- First ends
- Aug 2055
New loan
New conventional
$2,246/mo
Lowest payment- Down payment
- $29,400
- Funds due
- $37,157
- Interest + MI left
- $401,284
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $275,998 | $264,600 |
| Second mortgage | — | — |
| First P&I | $1,834.48 | $1,832.04 |
| Second P&I | — | — |
| Mortgage insurance | $128.19 | $52.92 |
| Taxes, insurance & HOA | $360.92 | $360.92 |
| Total housing payment | $2,323.59 | $2,245.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,002
Closing costs & prepaids$9,850
Usable credit−$0
Total buyer cash needed$27,851
Earnest money paid−$0
Remaining funds due$27,851
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,940.00
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)$380.75
Initial HOA (3 months)$252.00
Prepaid interest, first (1 days)$51.87
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 9 moOf the original 30-year loan at 6.860%
Interest already paid$23,837Through Nov 2026
Assumption only · ends Aug 2055$386,580
New conventional · ends Dec 2056$401,284