Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,392/mo
+$101/mo- Down payment
- $364
- Funds due
- $10,695
- Interest + MI left
- $401,710
- First ends
- Apr 2056
New loan
New conventional
$2,292/mo
Lowest payment- Down payment
- $31,700
- Funds due
- $39,939
- Interest + MI left
- $417,156
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $316,636 | $285,300 |
| Second mortgage | — | — |
| First P&I | $1,944.35 | $1,932.72 |
| Second P&I | — | — |
| Mortgage insurance | $146.28 | $57.06 |
| Taxes, insurance & HOA | $301.83 | $301.83 |
| Total housing payment | $2,392.46 | $2,291.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$364
Closing costs & prepaids$10,331
Usable credit−$0
Total buyer cash needed$10,695
Earnest money paid−$0
Remaining funds due$10,695
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,170.00
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)$380.50
Initial HOA (3 months)$75.00
Prepaid interest, first (9 days)$480.16
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 closing29 yr 4 moOf the original 30-year loan at 6.15%
Interest already paid$13,040Through Dec 2026
Assumption only · ends Apr 2056$401,710
New conventional · ends Jan 2057$417,156