Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,196/mo
Lowest payment- Down payment
- $44,481
- Funds due
- $56,972
- Interest + MI left
- $708,754
- First ends
- Jul 2063
New loan
New conventional
$3,687/mo
+$490/mo- Down payment
- $49,990
- Funds due
- $60,201
- Interest + MI left
- $682,319
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $455,419 | $449,910 |
| Second mortgage | — | — |
| First P&I | $2,500.92 | $3,115.09 |
| Second P&I | — | — |
| Mortgage insurance | $213.72 | $89.98 |
| Taxes, insurance & HOA | $481.83 | $481.83 |
| Total housing payment | $3,196.47 | $3,686.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,481
Closing costs & prepaids$12,492
Usable credit−$0
Total buyer cash needed$56,972
Earnest money paid−$0
Remaining funds due$56,972
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$534.50
Initial HOA (3 months)$411.00
Prepaid interest, first (1 days)$72.37
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 closing36 yr 8 moOf the original 40-year loan at 5.800%
Interest already paid$89,159Through Nov 2026
Assumption only · ends Jul 2063$708,754
New conventional · ends Dec 2056$682,319