Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,716/mo
Lowest payment- Down payment
- $39,097
- Funds due
- $50,376
- Interest + MI left
- $458,446
- First ends
- Mar 2056
New loan
New conventional
$2,771/mo
+$55/mo- Down payment
- $37,990
- Funds due
- $47,147
- Interest + MI left
- $499,929
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $340,803 | $341,910 |
| Second mortgage | — | — |
| First P&I | $2,172.16 | $2,316.22 |
| Second P&I | — | — |
| Mortgage insurance | $157.51 | $68.38 |
| Taxes, insurance & HOA | $386.00 | $386.00 |
| Total housing payment | $2,715.68 | $2,770.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,097
Closing costs & prepaids$11,278
Usable credit−$0
Total buyer cash needed$50,376
Earnest money paid−$0
Remaining funds due$50,376
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$456.00
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$546.22
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 closing29 yr 3 moOf the original 30-year loan at 6.5%
Interest already paid$16,692Through Dec 2026
Assumption only · ends Mar 2056$458,446
New conventional · ends Jan 2057$499,929