Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,318/mo
Lowest payment- Down payment
- $38,181
- Funds due
- $51,285
- Interest + MI left
- $439,759
- First ends
- Mar 2055
New loan
New conventional
$3,856/mo
+$538/mo- Down payment
- $54,500
- Funds due
- $65,463
- Interest + MI left
- $717,192
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $506,819 | $490,500 |
| Second mortgage | — | — |
| First P&I | $2,643.90 | $3,322.82 |
| Second P&I | — | — |
| Mortgage insurance | $239.16 | $98.10 |
| Taxes, insurance & HOA | $434.67 | $434.67 |
| Total housing payment | $3,317.73 | $3,855.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,181
Closing costs & prepaids$13,104
Usable credit−$0
Total buyer cash needed$51,285
Earnest money paid−$0
Remaining funds due$51,285
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,450.00
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)$654.00
Initial HOA (3 months)$150.00
Prepaid interest, first (6 days)$374.91
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 closing28 yr 3 moOf the original 30-year loan at 4.5%
Interest already paid$40,538Through Dec 2026
Assumption only · ends Mar 2055$439,759
New conventional · ends Jan 2057$717,192