Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,288/mo
+$100/mo- Down payment
- $26,254
- Funds due
- $38,370
- Interest + MI left
- $534,355
- First ends
- Mar 2055
New loan
New conventional
$3,188/mo
Lowest payment- Down payment
- $44,000
- Funds due
- $53,914
- Interest + MI left
- $579,017
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $413,746 | $396,000 |
| Second mortgage | — | — |
| First P&I | $2,668.66 | $2,682.64 |
| Second P&I | — | — |
| Mortgage insurance | $193.51 | $79.20 |
| Taxes, insurance & HOA | $426.00 | $426.00 |
| Total housing payment | $3,288.17 | $3,187.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,254
Closing costs & prepaids$12,116
Usable credit−$0
Total buyer cash needed$38,370
Earnest money paid−$0
Remaining funds due$38,370
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$528.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$663.13
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 6.5%
Interest already paid$47,577Through Dec 2026
Assumption only · ends Mar 2055$534,355
New conventional · ends Jan 2057$579,017