Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,119/mo
+$5/mo- Down payment
- $37,227
- Funds due
- $48,537
- Interest + MI left
- $508,796
- First ends
- Jan 2055
New loan
New conventional
$3,114/mo
Lowest payment- Down payment
- $42,000
- Funds due
- $51,097
- Interest + MI left
- $573,261
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $382,772 | $377,999 |
| Second mortgage | — | — |
| First P&I | $2,518.61 | $2,617.19 |
| Second P&I | — | — |
| Mortgage insurance | $179.08 | $75.60 |
| Taxes, insurance & HOA | $421.67 | $421.67 |
| Total housing payment | $3,119.35 | $3,114.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,227
Closing costs & prepaids$11,310
Usable credit−$0
Total buyer cash needed$48,537
Earnest money paid−$0
Remaining funds due$48,537
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.99
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)$500.00
Initial HOA (3 months)$315.00
Prepaid interest, first (1 days)$70.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 6.690%
Interest already paid$47,466Through Nov 2026
Assumption only · ends Jan 2055$508,796
New conventional · ends Dec 2056$573,261