Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,314/mo
+$117/mo- Down payment
- $18,259
- Funds due
- $28,495
- Interest + MI left
- $384,899
- First ends
- Aug 2055
New loan
New conventional
$2,197/mo
Lowest payment- Down payment
- $29,400
- Funds due
- $37,544
- Interest + MI left
- $386,889
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $275,741 | $264,600 |
| Second mortgage | — | — |
| First P&I | $1,834.48 | $1,792.49 |
| Second P&I | — | — |
| Mortgage insurance | $128.19 | $52.92 |
| Taxes, insurance & HOA | $351.58 | $351.58 |
| Total housing payment | $2,314.25 | $2,197.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,259
Closing costs & prepaids$10,236
Usable credit−$0
Total buyer cash needed$28,495
Earnest money paid−$0
Remaining funds due$28,495
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,940.00
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)$352.75
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$466.42
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 8 moOf the original 30-year loan at 6.86%
Interest already paid$25,415Through Dec 2026
Assumption only · ends Aug 2055$384,899
New conventional · ends Jan 2057$386,889