Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,819/mo
+$141/mo- Down payment
- $6,572
- Funds due
- $16,022
- Interest + MI left
- $258,988
- First ends
- Mar 2055
New loan
New conventional
$1,678/mo
Lowest payment- Down payment
- $18,990
- Funds due
- $26,435
- Interest + MI left
- $249,899
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $183,328 | $170,910 |
| Second mortgage | — | — |
| First P&I | $1,247.21 | $1,157.80 |
| Second P&I | — | — |
| Mortgage insurance | $85.58 | $34.18 |
| Taxes, insurance & HOA | $486.00 | $486.00 |
| Total housing payment | $1,818.79 | $1,677.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,572
Closing costs & prepaids$9,450
Usable credit−$0
Total buyer cash needed$16,022
Earnest money paid−$0
Remaining funds due$16,022
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,899.00
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)$228.00
Initial HOA (3 months)$780.00
Prepaid interest, first (9 days)$318.24
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 3 moOf the original 30-year loan at 7.04%
Interest already paid$22,809Through Dec 2026
Assumption only · ends Mar 2055$258,988
New conventional · ends Jan 2057$249,899