Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,957/mo
+$143/mo- Down payment
- $13,087
- Funds due
- $24,501
- Interest + MI left
- $488,489
- First ends
- Aug 2055
New loan
New conventional
$2,814/mo
Lowest payment- Down payment
- $38,490
- Funds due
- $47,736
- Interest + MI left
- $506,509
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $371,813 | $346,410 |
| Second mortgage | — | — |
| First P&I | $2,386.06 | $2,346.70 |
| Second P&I | — | — |
| Mortgage insurance | $173.02 | $69.28 |
| Taxes, insurance & HOA | $398.00 | $398.00 |
| Total housing payment | $2,957.08 | $2,813.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,087
Closing costs & prepaids$11,414
Usable credit−$0
Total buyer cash needed$24,501
Earnest money paid−$0
Remaining funds due$24,501
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,849.00
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)$462.00
Initial HOA (3 months)$282.00
Prepaid interest, first (9 days)$595.92
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 6.5%
Interest already paid$32,489Through Dec 2026
Assumption only · ends Aug 2055$488,489
New conventional · ends Jan 2057$506,509