Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,247/mo
Lowest payment- Down payment
- $46,265
- Funds due
- $57,929
- Interest + MI left
- $535,060
- First ends
- May 2055
New loan
New conventional
$3,318/mo
+$70/mo- Down payment
- $44,800
- Funds due
- $54,225
- Interest + MI left
- $611,480
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $401,735 | $403,200 |
| Second mortgage | — | — |
| First P&I | $2,614.60 | $2,791.68 |
| Second P&I | — | — |
| Mortgage insurance | $187.25 | $80.64 |
| Taxes, insurance & HOA | $445.33 | $445.33 |
| Total housing payment | $3,247.18 | $3,317.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,265
Closing costs & prepaids$11,664
Usable credit−$0
Total buyer cash needed$57,929
Earnest money paid−$0
Remaining funds due$57,929
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,480.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$685.00
Initial HOA (3 months)$201.00
Prepaid interest, first (1 days)$72.86
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 6 moOf the original 30-year loan at 6.620%
Interest already paid$40,255Through Nov 2026
Assumption only · ends May 2055$535,060
New conventional · ends Dec 2056$611,480