Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,181/mo
+$40/mo- Down payment
- $28,623
- Funds due
- $38,703
- Interest + MI left
- $364,848
- First ends
- Aug 2055
New loan
New conventional
$2,141/mo
Lowest payment- Down payment
- $29,000
- Funds due
- $37,010
- Interest + MI left
- $381,625
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $261,377 | $261,000 |
| Second mortgage | — | — |
| First P&I | $1,738.92 | $1,768.10 |
| Second P&I | — | — |
| Mortgage insurance | $121.51 | $52.20 |
| Taxes, insurance & HOA | $321.00 | $321.00 |
| Total housing payment | $2,181.43 | $2,141.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,623
Closing costs & prepaids$10,080
Usable credit−$0
Total buyer cash needed$38,703
Earnest money paid−$0
Remaining funds due$38,703
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$348.00
Initial HOA (3 months)$165.00
Prepaid interest, first (9 days)$442.12
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$24,091Through Dec 2026
Assumption only · ends Aug 2055$364,848
New conventional · ends Jan 2057$381,625