Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,698/mo
Lowest payment- Down payment
- $34,158
- Funds due
- $47,341
- Interest + MI left
- $442,180
- First ends
- Jun 2052
New loan
New conventional
$3,868/mo
+$170/mo- Down payment
- $55,000
- Funds due
- $66,053
- Interest + MI left
- $723,772
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $515,842 | $495,000 |
| Second mortgage | — | — |
| First P&I | $2,887.08 | $3,353.30 |
| Second P&I | — | — |
| Mortgage insurance | $395.68 | $99.00 |
| Taxes, insurance & HOA | $415.42 | $415.42 |
| Total housing payment | $3,698.18 | $3,867.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,158
Closing costs & prepaids$13,183
Usable credit−$0
Total buyer cash needed$47,341
Earnest money paid−$0
Remaining funds due$47,341
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Initial HOA (3 months)$86.25
Prepaid interest, first (7 days)$462.00
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 6 moOf the original 30-year loan at 4.67%
Interest already paid$113,138Through Dec 2026
Assumption only · ends Jun 2052$442,180
New conventional · ends Jan 2057$723,772