Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,506/mo
+$16/mo- Down payment
- $48,105
- Funds due
- $60,653
- Interest + MI left
- $475,581
- First ends
- Sep 2052
New loan
New conventional
$3,490/mo
Lowest payment- Down payment
- $48,900
- Funds due
- $59,257
- Interest + MI left
- $643,499
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $440,895 | $440,100 |
| Second mortgage | — | — |
| First P&I | $2,753.76 | $2,981.39 |
| Second P&I | — | — |
| Mortgage insurance | $332.08 | $88.02 |
| Taxes, insurance & HOA | $420.58 | $420.58 |
| Total housing payment | $3,506.42 | $3,489.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,105
Closing costs & prepaids$12,548
Usable credit−$0
Total buyer cash needed$60,653
Earnest money paid−$0
Remaining funds due$60,653
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,890.00
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)$586.75
Initial HOA (3 months)$174.99
Prepaid interest, first (6 days)$421.08
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 closing25 yr 9 moOf the original 30-year loan at 5.81%
Interest already paid$112,524Through Dec 2026
Assumption only · ends Sep 2052$475,581
New conventional · ends Jan 2057$643,499