Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,467/mo
Lowest payment- Down payment
- $11,077
- Funds due
- $21,320
- Interest + MI left
- $400,433
- First ends
- Mar 2056
New loan
New conventional
$2,472/mo
+$5/mo- Down payment
- $32,500
- Funds due
- $40,624
- Interest + MI left
- $443,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $313,923 | $292,500 |
| Second mortgage | — | — |
| First P&I | $1,933.76 | $2,025.21 |
| Second P&I | — | — |
| Mortgage insurance | $145.02 | $58.50 |
| Taxes, insurance & HOA | $388.33 | $388.33 |
| Total housing payment | $2,467.11 | $2,472.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,077
Closing costs & prepaids$10,243
Usable credit−$0
Total buyer cash needed$21,320
Earnest money paid−$0
Remaining funds due$21,320
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$490.00
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$53.15
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 4 moOf the original 30-year loan at 6.180%
Interest already paid$12,991Through Nov 2026
Assumption only · ends Mar 2056$400,433
New conventional · ends Dec 2056$443,596