Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,432/mo
+$70/mo- Down payment
- $6,394
- Funds due
- $16,906
- Interest + MI left
- $398,707
- First ends
- Mar 2056
New loan
New conventional
$2,362/mo
Lowest payment- Down payment
- $32,000
- Funds due
- $40,424
- Interest + MI left
- $421,104
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $313,606 | $288,000 |
| Second mortgage | — | — |
| First P&I | $1,933.76 | $1,951.01 |
| Second P&I | — | — |
| Mortgage insurance | $145.02 | $57.60 |
| Taxes, insurance & HOA | $353.00 | $353.00 |
| Total housing payment | $2,431.78 | $2,361.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,394
Closing costs & prepaids$10,512
Usable credit−$0
Total buyer cash needed$16,906
Earnest money paid−$0
Remaining funds due$16,906
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$384.00
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$477.88
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 3 moOf the original 30-year loan at 6.18%
Interest already paid$14,608Through Dec 2026
Assumption only · ends Mar 2056$398,707
New conventional · ends Jan 2057$421,104