Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,938/mo
Lowest payment- Down payment
- $50,989
- Funds due
- $64,720
- Interest + MI left
- $484,728
- First ends
- Jul 2052
New loan
New conventional
$4,124/mo
+$186/mo- Down payment
- $58,000
- Funds due
- $69,565
- Interest + MI left
- $763,249
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $529,010 | $521,999 |
| Second mortgage | — | — |
| First P&I | $3,051.00 | $3,536.20 |
| Second P&I | — | — |
| Mortgage insurance | $403.50 | $104.40 |
| Taxes, insurance & HOA | $483.67 | $483.67 |
| Total housing payment | $3,938.16 | $4,124.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,989
Closing costs & prepaids$13,731
Usable credit−$0
Total buyer cash needed$64,720
Earnest money paid−$0
Remaining funds due$64,720
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,799.99
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)$696.00
Initial HOA (3 months)$255.00
Prepaid interest, first (7 days)$505.24
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 7 moOf the original 30-year loan at 4.98%
Interest already paid$121,072Through Dec 2026
Assumption only · ends Jul 2052$484,728
New conventional · ends Jan 2057$763,249