Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,825/mo
+$110/mo- Down payment
- $22,775
- Funds due
- $33,961
- Interest + MI left
- $471,506
- First ends
- Jun 2055
New loan
New conventional
$2,715/mo
Lowest payment- Down payment
- $37,500
- Funds due
- $46,532
- Interest + MI left
- $493,481
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $352,225 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,299.26 | $2,286.34 |
| Second P&I | — | — |
| Mortgage insurance | $164.16 | $67.50 |
| Taxes, insurance & HOA | $361.33 | $361.33 |
| Total housing payment | $2,824.75 | $2,715.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,775
Closing costs & prepaids$11,187
Usable credit−$0
Total buyer cash needed$33,961
Earnest money paid−$0
Remaining funds due$33,961
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Initial HOA (3 months)$183.99
Prepaid interest, first (9 days)$577.55
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 6.65%
Interest already paid$35,452Through Dec 2026
Assumption only · ends Jun 2055$471,506
New conventional · ends Jan 2057$493,481