Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,018/mo
+$188/mo- Down payment
- $25,274
- Funds due
- $36,675
- Interest + MI left
- $516,633
- First ends
- Mar 2055
New loan
New conventional
$2,830/mo
Lowest payment- Down payment
- $39,633
- Funds due
- $48,834
- Interest + MI left
- $521,554
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $371,059 | $356,700 |
| Second mortgage | — | — |
| First P&I | $2,502.34 | $2,416.41 |
| Second P&I | — | — |
| Mortgage insurance | $173.26 | $71.34 |
| Taxes, insurance & HOA | $342.50 | $342.50 |
| Total housing payment | $3,018.10 | $2,830.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,274
Closing costs & prepaids$11,402
Usable credit−$0
Total buyer cash needed$36,675
Earnest money paid−$0
Remaining funds due$36,675
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,963.33
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)$475.50
Initial HOA (3 months)$102.00
Prepaid interest, first (9 days)$635.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.95%
Interest already paid$45,582Through Dec 2026
Assumption only · ends Mar 2055$516,633
New conventional · ends Jan 2057$521,554