Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,398/mo
+$141/mo- Down payment
- $48,963
- Funds due
- $62,926
- Interest + MI left
- $389,507
- First ends
- Jan 2048
New loan
New conventional
$4,257/mo
Lowest payment- Down payment
- $59,800
- Funds due
- $71,610
- Interest + MI left
- $786,937
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $549,037 | $538,200 |
| Second mortgage | — | — |
| First P&I | $3,426.98 | $3,645.95 |
| Second P&I | — | — |
| Mortgage insurance | $467.50 | $107.64 |
| Taxes, insurance & HOA | $503.83 | $503.83 |
| Total housing payment | $4,398.31 | $4,257.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,963
Closing costs & prepaids$13,962
Usable credit−$0
Total buyer cash needed$62,926
Earnest money paid−$0
Remaining funds due$62,926
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,980.00
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)$717.50
Initial HOA (3 months)$294.00
Prepaid interest, first (7 days)$495.94
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 closing21 yr 1 moOf the original 30-year loan at 4.71%
Interest already paid$255,723Through Dec 2026
Assumption only · ends Jan 2048$389,507
New conventional · ends Jan 2057$786,937