Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,310/mo
+$22/mo- Down payment
- $17,675
- Funds due
- $29,742
- Interest + MI left
- $530,828
- First ends
- Apr 2056
New loan
New conventional
$3,288/mo
Lowest payment- Down payment
- $44,300
- Funds due
- $54,152
- Interest + MI left
- $576,179
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $425,325 | $398,700 |
| Second mortgage | — | — |
| First P&I | $2,587.20 | $2,682.08 |
| Second P&I | — | — |
| Mortgage insurance | $196.52 | $79.74 |
| Taxes, insurance & HOA | $526.58 | $526.58 |
| Total housing payment | $3,310.30 | $3,288.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,675
Closing costs & prepaids$12,067
Usable credit−$0
Total buyer cash needed$29,742
Earnest money paid−$0
Remaining funds due$29,742
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,430.00
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)$1,129.75
Prepaid interest, first (4 days)$282.46
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 yr 4 moOf the original 30-year loan at 6.06%
Interest already paid$17,262Through Dec 2026
Assumption only · ends Apr 2056$530,828
New conventional · ends Jan 2057$576,179