Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,324/mo
+$154/mo- Down payment
- $22,515
- Funds due
- $35,053
- Interest + MI left
- $480,344
- First ends
- Feb 2055
New loan
New conventional
$3,170/mo
Lowest payment- Down payment
- $37,850
- Funds due
- $48,218
- Interest + MI left
- $498,087
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $355,985 | $340,650 |
| Second mortgage | — | — |
| First P&I | $2,363.26 | $2,307.68 |
| Second P&I | — | — |
| Mortgage insurance | $166.49 | $68.13 |
| Taxes, insurance & HOA | $794.42 | $794.42 |
| Total housing payment | $3,324.17 | $3,170.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,515
Closing costs & prepaids$12,538
Usable credit−$0
Total buyer cash needed$35,053
Earnest money paid−$0
Remaining funds due$35,053
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,785.00
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)$454.25
Initial HOA (3 months)$1,479.00
Prepaid interest, first (9 days)$595.13
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 2 moOf the original 30-year loan at 6.78%
Interest already paid$44,730Through Dec 2026
Assumption only · ends Feb 2055$480,344
New conventional · ends Jan 2057$498,087