Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,635/mo
+$143/mo- Down payment
- $0
- Funds due
- $10,905
- Interest + MI left
- $356,504
- First ends
- Jan 2055
New loan
New conventional
$2,492/mo
Lowest payment- Down payment
- $29,400
- Funds due
- $38,222
- Interest + MI left
- $386,889
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $297,178 | $264,600 |
| Second mortgage | — | — |
| First P&I | $1,848.49 | $1,792.49 |
| Second P&I | — | — |
| Mortgage insurance | $139.51 | $52.92 |
| Taxes, insurance & HOA | $646.92 | $646.92 |
| Total housing payment | $2,634.92 | $2,492.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,905
Usable credit−$0
Total buyer cash needed$10,905
Earnest money paid−$0
Remaining funds due$10,905
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,940.00
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)$749.75
Initial HOA (3 months)$741.00
Prepaid interest, first (5 days)$249.14
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 closing28 yr 1 moOf the original 30-year loan at 6.12%
Interest already paid$35,308Through Dec 2026
Assumption only · ends Jan 2055$356,504
New conventional · ends Jan 2057$386,889