Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,539/mo
+$275/mo- Down payment
- $11,807
- Funds due
- $24,136
- Interest + MI left
- $582,039
- First ends
- Jan 2055
New loan
New conventional
$3,265/mo
Lowest payment- Down payment
- $44,900
- Funds due
- $54,971
- Interest + MI left
- $590,861
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $437,193 | $404,100 |
| Second mortgage | — | — |
| First P&I | $2,888.13 | $2,737.51 |
| Second P&I | — | — |
| Mortgage insurance | $204.72 | $80.82 |
| Taxes, insurance & HOA | $446.58 | $446.58 |
| Total housing payment | $3,539.43 | $3,264.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,807
Closing costs & prepaids$12,329
Usable credit−$0
Total buyer cash needed$24,136
Earnest money paid−$0
Remaining funds due$24,136
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$538.75
Initial HOA (3 months)$351.00
Prepaid interest, first (9 days)$724.42
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 1 moOf the original 30-year loan at 6.72%
Interest already paid$56,960Through Dec 2026
Assumption only · ends Jan 2055$582,039
New conventional · ends Jan 2057$590,861