Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,691/mo
Lowest payment- Down payment
- $24,523
- Funds due
- $37,491
- Interest + MI left
- $588,034
- First ends
- May 2055
New loan
New conventional
$3,722/mo
+$31/mo- Down payment
- $52,800
- Funds due
- $63,513
- Interest + MI left
- $694,821
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $503,477 | $475,200 |
| Second mortgage | — | — |
| First P&I | $3,047.74 | $3,219.17 |
| Second P&I | — | — |
| Mortgage insurance | $235.51 | $95.04 |
| Taxes, insurance & HOA | $408.25 | $408.25 |
| Total housing payment | $3,691.50 | $3,722.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,523
Closing costs & prepaids$12,968
Usable credit−$0
Total buyer cash needed$37,491
Earnest money paid−$0
Remaining funds due$37,491
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,280.00
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)$633.50
Initial HOA (3 months)$91.26
Prepaid interest, first (6 days)$488.30
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 5 moOf the original 30-year loan at 5.9%
Interest already paid$47,550Through Dec 2026
Assumption only · ends May 2055$588,034
New conventional · ends Jan 2057$694,821