Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,595/mo
Lowest payment- Down payment
- $36,522
- Funds due
- $50,276
- Interest + MI left
- $450,841
- First ends
- Nov 2054
New loan
New conventional
$4,214/mo
+$619/mo- Down payment
- $59,500
- Funds due
- $71,101
- Interest + MI left
- $782,990
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $558,478 | $535,500 |
| Second mortgage | — | — |
| First P&I | $2,849.82 | $3,627.66 |
| Second P&I | — | — |
| Mortgage insurance | $265.51 | $107.10 |
| Taxes, insurance & HOA | $479.67 | $479.67 |
| Total housing payment | $3,595.00 | $4,214.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,522
Closing costs & prepaids$13,754
Usable credit−$0
Total buyer cash needed$50,276
Earnest money paid−$0
Remaining funds due$50,276
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,950.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$714.00
Initial HOA (3 months)$225.00
Prepaid interest, first (6 days)$390.17
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing27 yr 11 moOf the original 30-year loan at 4.25%
Interest already paid$50,421Through Dec 2026
Assumption only · ends Nov 2054$450,841
New conventional · ends Jan 2057$782,990