Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,995/mo
Lowest payment- Down payment
- $56,461
- Funds due
- $70,873
- Interest + MI left
- $404,603
- First ends
- May 2052
New loan
New conventional
$4,680/mo
+$685/mo- Down payment
- $67,500
- Funds due
- $79,797
- Interest + MI left
- $888,265
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $618,539 | $607,500 |
| Second mortgage | — | — |
| First P&I | $3,068.14 | $4,115.42 |
| Second P&I | — | — |
| Mortgage insurance | $483.37 | $121.50 |
| Taxes, insurance & HOA | $443.34 | $443.34 |
| Total housing payment | $3,994.85 | $4,680.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,461
Closing costs & prepaids$14,412
Usable credit−$0
Total buyer cash needed$70,873
Earnest money paid−$0
Remaining funds due$70,873
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,750.00
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)$810.00
Initial HOA (3 months)$20.01
Prepaid interest, first (6 days)$356.89
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 closing25 yr 5 moOf the original 30-year loan at 3.51%
Interest already paid$104,876Through Dec 2026
Assumption only · ends May 2052$404,603
New conventional · ends Jan 2057$888,265