Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,339/mo
+$26/mo- Down payment
- $33,351
- Funds due
- $44,986
- Interest + MI left
- $556,806
- First ends
- May 2055
New loan
New conventional
$3,313/mo
Lowest payment- Down payment
- $45,000
- Funds due
- $54,391
- Interest + MI left
- $614,210
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $416,649 | $405,000 |
| Second mortgage | — | — |
| First P&I | $2,717.09 | $2,804.14 |
| Second P&I | — | — |
| Mortgage insurance | $194.19 | $81.00 |
| Taxes, insurance & HOA | $428.08 | $428.08 |
| Total housing payment | $3,339.36 | $3,313.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,351
Closing costs & prepaids$11,635
Usable credit−$0
Total buyer cash needed$44,986
Earnest money paid−$0
Remaining funds due$44,986
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$378.25
Initial HOA (3 months)$456.00
Prepaid interest, first (1 days)$75.80
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 6.640%
Interest already paid$41,874Through Nov 2026
Assumption only · ends May 2055$556,806
New conventional · ends Dec 2056$614,210