Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,546/mo
+$82/mo- Down payment
- $6,742
- Funds due
- $18,576
- Interest + MI left
- $587,456
- First ends
- Dec 2054
New loan
New conventional
$3,465/mo
Lowest payment- Down payment
- $50,000
- Funds due
- $59,543
- Interest + MI left
- $682,454
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $493,257 | $449,999 |
| Second mortgage | — | — |
| First P&I | $3,055.62 | $3,115.70 |
| Second P&I | — | — |
| Mortgage insurance | $231.60 | $90.00 |
| Taxes, insurance & HOA | $259.00 | $259.00 |
| Total housing payment | $3,546.22 | $3,464.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,742
Closing costs & prepaids$11,834
Usable credit−$0
Total buyer cash needed$18,576
Earnest money paid−$0
Remaining funds due$18,576
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.99
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)$16.00
Initial HOA (3 months)$261.00
Prepaid interest, first (1 days)$82.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 1 moOf the original 30-year loan at 6.080%
Interest already paid$58,227Through Nov 2026
Assumption only · ends Dec 2054$587,456
New conventional · ends Dec 2056$682,454