Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,837/mo
+$163/mo- Down payment
- $10,021
- Funds due
- $21,169
- Interest + MI left
- $477,660
- First ends
- Nov 2055
New loan
New conventional
$2,673/mo
Lowest payment- Down payment
- $36,500
- Funds due
- $45,489
- Interest + MI left
- $480,321
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $354,979 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,289.80 | $2,225.37 |
| Second P&I | — | — |
| Mortgage insurance | $164.67 | $65.70 |
| Taxes, insurance & HOA | $382.33 | $382.33 |
| Total housing payment | $2,836.80 | $2,673.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,021
Closing costs & prepaids$11,148
Usable credit−$0
Total buyer cash needed$21,169
Earnest money paid−$0
Remaining funds due$21,169
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Initial HOA (3 months)$258.99
Prepaid interest, first (9 days)$575.94
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 11 moOf the original 30-year loan at 6.58%
Interest already paid$25,471Through Dec 2026
Assumption only · ends Nov 2055$477,660
New conventional · ends Jan 2057$480,321