Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,067/mo
Lowest payment- Down payment
- $18,779
- Funds due
- $31,102
- Interest + MI left
- $404,546
- First ends
- May 2056
New loan
New conventional
$3,093/mo
+$26/mo- Down payment
- $33,950
- Funds due
- $44,166
- Interest + MI left
- $446,765
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $320,721 | $305,550 |
| Second mortgage | — | — |
| First P&I | $1,957.14 | $2,069.90 |
| Second P&I | — | — |
| Mortgage insurance | $148.02 | $61.11 |
| Taxes, insurance & HOA | $961.58 | $961.58 |
| Total housing payment | $3,066.75 | $3,092.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,779
Closing costs & prepaids$12,323
Usable credit−$0
Total buyer cash needed$31,102
Earnest money paid−$0
Remaining funds due$31,102
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,395.00
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)$865.75
Initial HOA (3 months)$1,569.00
Prepaid interest, first (5 days)$268.00
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 5 moOf the original 30-year loan at 6.1%
Interest already paid$11,458Through Dec 2026
Assumption only · ends May 2056$404,546
New conventional · ends Jan 2057$446,765