Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,082/mo
+$100/mo- Down payment
- $9,852
- Funds due
- $19,641
- Interest + MI left
- $330,660
- First ends
- Apr 2055
New loan
New conventional
$1,982/mo
Lowest payment- Down payment
- $26,500
- Funds due
- $34,238
- Interest + MI left
- $348,726
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $255,148 | $238,500 |
| Second mortgage | — | — |
| First P&I | $1,644.02 | $1,615.68 |
| Second P&I | — | — |
| Mortgage insurance | $119.21 | $47.70 |
| Taxes, insurance & HOA | $318.50 | $318.50 |
| Total housing payment | $2,081.73 | $1,981.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,852
Closing costs & prepaids$9,789
Usable credit−$0
Total buyer cash needed$19,641
Earnest money paid−$0
Remaining funds due$19,641
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$318.00
Initial HOA (3 months)$187.50
Prepaid interest, first (9 days)$408.94
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 4 moOf the original 30-year loan at 6.5%
Interest already paid$27,928Through Dec 2026
Assumption only · ends Apr 2055$330,660
New conventional · ends Jan 2057$348,726