Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,756/mo
Lowest payment- Down payment
- $20,924
- Funds due
- $32,156
- Interest + MI left
- $457,593
- First ends
- Feb 2056
New loan
New conventional
$2,783/mo
+$27/mo- Down payment
- $39,000
- Funds due
- $48,112
- Interest + MI left
- $513,220
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $369,076 | $351,000 |
| Second mortgage | — | — |
| First P&I | $2,249.71 | $2,377.80 |
| Second P&I | — | — |
| Mortgage insurance | $170.88 | $70.20 |
| Taxes, insurance & HOA | $335.33 | $335.33 |
| Total housing payment | $2,755.92 | $2,783.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,924
Closing costs & prepaids$11,232
Usable credit−$0
Total buyer cash needed$32,156
Earnest money paid−$0
Remaining funds due$32,156
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$468.00
Initial HOA (3 months)$87.99
Prepaid interest, first (9 days)$551.49
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 2 moOf the original 30-year loan at 6.06%
Interest already paid$18,743Through Dec 2026
Assumption only · ends Feb 2056$457,593
New conventional · ends Jan 2057$513,220