Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,765/mo
+$4/mo- Down payment
- $42,563
- Funds due
- $53,107
- Interest + MI left
- $494,116
- First ends
- Apr 2055
New loan
New conventional
$2,761/mo
Lowest payment- Down payment
- $39,500
- Funds due
- $47,858
- Interest + MI left
- $539,140
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $352,437 | $355,500 |
| Second mortgage | — | — |
| First P&I | $2,372.27 | $2,461.41 |
| Second P&I | — | — |
| Mortgage insurance | $164.26 | $71.10 |
| Taxes, insurance & HOA | $228.00 | $228.00 |
| Total housing payment | $2,764.53 | $2,760.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,563
Closing costs & prepaids$10,543
Usable credit−$0
Total buyer cash needed$53,107
Earnest money paid−$0
Remaining funds due$53,107
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$48.00
Initial HOA (3 months)$186.00
Prepaid interest, first (2 days)$134.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 6.950%
Interest already paid$39,133Through Nov 2026
Assumption only · ends Apr 2055$494,116
New conventional · ends Dec 2056$539,140