Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,493/mo
+$10/mo- Down payment
- $26,977
- Funds due
- $37,772
- Interest + MI left
- $400,697
- First ends
- Oct 2055
New loan
New conventional
$2,483/mo
Lowest payment- Down payment
- $32,990
- Funds due
- $41,696
- Interest + MI left
- $434,132
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $302,923 | $296,910 |
| Second mortgage | — | — |
| First P&I | $1,940.12 | $2,011.37 |
| Second P&I | — | — |
| Mortgage insurance | $140.68 | $59.38 |
| Taxes, insurance & HOA | $412.00 | $412.00 |
| Total housing payment | $2,492.80 | $2,482.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,977
Closing costs & prepaids$10,796
Usable credit−$0
Total buyer cash needed$37,772
Earnest money paid−$0
Remaining funds due$37,772
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$396.00
Initial HOA (3 months)$390.00
Prepaid interest, first (9 days)$485.51
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 10 moOf the original 30-year loan at 6.5%
Interest already paid$23,137Through Dec 2026
Assumption only · ends Oct 2055$400,697
New conventional · ends Jan 2057$434,132