Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,241/mo
Lowest payment- Down payment
- $38,677
- Funds due
- $49,136
- Interest + MI left
- $348,036
- First ends
- Jun 2055
New loan
New conventional
$2,302/mo
+$61/mo- Down payment
- $29,999
- Funds due
- $38,409
- Interest + MI left
- $394,771
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $261,313 | $269,991 |
| Second mortgage | — | — |
| First P&I | $1,700.69 | $1,829.01 |
| Second P&I | — | — |
| Mortgage insurance | $121.80 | $54.00 |
| Taxes, insurance & HOA | $419.00 | $419.00 |
| Total housing payment | $2,241.49 | $2,302.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,677
Closing costs & prepaids$10,458
Usable credit−$0
Total buyer cash needed$49,136
Earnest money paid−$0
Remaining funds due$49,136
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.90
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)$360.00
Initial HOA (3 months)$447.00
Prepaid interest, first (9 days)$426.55
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 6 moOf the original 30-year loan at 6.62%
Interest already paid$26,184Through Dec 2026
Assumption only · ends Jun 2055$348,036
New conventional · ends Jan 2057$394,771