Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,341/mo
+$128/mo- Down payment
- $19,583
- Funds due
- $31,587
- Interest + MI left
- $539,432
- First ends
- Dec 2055
New loan
New conventional
$3,213/mo
Lowest payment- Down payment
- $42,500
- Funds due
- $52,289
- Interest + MI left
- $552,767
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $405,417 | $382,500 |
| Second mortgage | — | — |
| First P&I | $2,591.48 | $2,573.10 |
| Second P&I | — | — |
| Mortgage insurance | $185.82 | $76.50 |
| Taxes, insurance & HOA | $563.58 | $563.58 |
| Total housing payment | $3,340.88 | $3,213.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,583
Closing costs & prepaids$12,005
Usable credit−$0
Total buyer cash needed$31,587
Earnest money paid−$0
Remaining funds due$31,587
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$1,083.75
Initial HOA (3 months)$156.99
Prepaid interest, first (4 days)$288.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 yrOf the original 30-year loan at 6.5%
Interest already paid$26,515Through Dec 2026
Assumption only · ends Dec 2055$539,432
New conventional · ends Jan 2057$552,767