Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,127/mo
+$85/mo- Down payment
- $27,155
- Funds due
- $38,982
- Interest + MI left
- $525,029
- First ends
- Sep 2055
New loan
New conventional
$3,041/mo
Lowest payment- Down payment
- $42,000
- Funds due
- $51,639
- Interest + MI left
- $552,697
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $392,844 | $377,999 |
| Second mortgage | — | — |
| First P&I | $2,538.98 | $2,560.70 |
| Second P&I | — | — |
| Mortgage insurance | $182.59 | $75.60 |
| Taxes, insurance & HOA | $405.00 | $405.00 |
| Total housing payment | $3,126.56 | $3,041.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,155
Closing costs & prepaids$11,827
Usable credit−$0
Total buyer cash needed$38,982
Earnest money paid−$0
Remaining funds due$38,982
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.99
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)$504.00
Initial HOA (3 months)$261.00
Prepaid interest, first (9 days)$637.38
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 9 moOf the original 30-year loan at 6.58%
Interest already paid$32,557Through Dec 2026
Assumption only · ends Sep 2055$525,029
New conventional · ends Jan 2057$552,697