Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,938/mo
+$185/mo- Down payment
- $1,677
- Funds due
- $11,293
- Interest + MI left
- $280,438
- First ends
- Apr 2055
New loan
New conventional
$1,753/mo
Lowest payment- Down payment
- $19,950
- Funds due
- $27,541
- Interest + MI left
- $262,532
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $197,823 | $179,550 |
| Second mortgage | — | — |
| First P&I | $1,344.57 | $1,216.33 |
| Second P&I | — | — |
| Mortgage insurance | $92.26 | $35.91 |
| Taxes, insurance & HOA | $500.83 | $500.83 |
| Total housing payment | $1,937.66 | $1,753.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,677
Closing costs & prepaids$9,616
Usable credit−$0
Total buyer cash needed$11,293
Earnest money paid−$0
Remaining funds due$11,293
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,995.00
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)$239.50
Initial HOA (3 months)$813.00
Prepaid interest, first (9 days)$343.40
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 7.04%
Interest already paid$23,429Through Dec 2026
Assumption only · ends Apr 2055$280,438
New conventional · ends Jan 2057$262,532