Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,504/mo
Lowest payment- Down payment
- $46,548
- Funds due
- $58,195
- Interest + MI left
- $329,130
- First ends
- Jul 2056
New loan
New conventional
$3,274/mo
+$770/mo- Down payment
- $45,417
- Funds due
- $54,848
- Interest + MI left
- $619,900
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $407,621 | $408,752 |
| Second mortgage | — | — |
| First P&I | $1,955.04 | $2,830.12 |
| Second P&I | — | — |
| Mortgage insurance | $186.83 | $81.75 |
| Taxes, insurance & HOA | $361.92 | $361.92 |
| Total housing payment | $2,503.78 | $3,273.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,548
Closing costs & prepaids$11,647
Usable credit−$0
Total buyer cash needed$58,195
Earnest money paid−$0
Remaining funds due$58,195
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,541.69
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)$114.75
Initial HOA (3 months)$471.00
Prepaid interest, first (1 days)$44.56
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 closing29 yr 8 moOf the original 30-year loan at 3.990%
Interest already paid$5,441Through Nov 2026
Assumption only · ends Jul 2056$329,130
New conventional · ends Dec 2056$619,900