Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,550/mo
Lowest payment- Down payment
- $33,465
- Funds due
- $46,545
- Interest + MI left
- $498,810
- First ends
- Jul 2054
New loan
New conventional
$3,799/mo
+$249/mo- Down payment
- $53,500
- Funds due
- $64,380
- Interest + MI left
- $704,033
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $501,535 | $481,500 |
| Second mortgage | — | — |
| First P&I | $2,871.08 | $3,261.85 |
| Second P&I | — | — |
| Mortgage insurance | $238.30 | $96.30 |
| Taxes, insurance & HOA | $440.67 | $440.67 |
| Total housing payment | $3,550.05 | $3,798.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,465
Closing costs & prepaids$13,080
Usable credit−$0
Total buyer cash needed$46,545
Earnest money paid−$0
Remaining funds due$46,545
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,350.00
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)$642.00
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$432.83
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 7 moOf the original 30-year loan at 5.25%
Interest already paid$64,864Through Dec 2026
Assumption only · ends Jul 2054$498,810
New conventional · ends Jan 2057$704,033