Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,606/mo
Lowest payment- Down payment
- $29,472
- Funds due
- $40,376
- Interest + MI left
- $346,966
- First ends
- Apr 2054
New loan
New conventional
$2,953/mo
+$348/mo- Down payment
- $40,950
- Funds due
- $49,669
- Interest + MI left
- $558,931
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $380,028 | $368,550 |
| Second mortgage | — | — |
| First P&I | $2,096.10 | $2,551.77 |
| Second P&I | — | — |
| Mortgage insurance | $181.54 | $73.71 |
| Taxes, insurance & HOA | $327.92 | $327.92 |
| Total housing payment | $2,605.56 | $2,953.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,472
Closing costs & prepaids$10,905
Usable credit−$0
Total buyer cash needed$40,376
Earnest money paid−$0
Remaining funds due$40,376
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,095.00
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)$347.75
Initial HOA (3 months)$186.00
Prepaid interest, first (1 days)$50.76
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 closing27 yr 5 moOf the original 30-year loan at 4.875%
Interest already paid$48,925Through Nov 2026
Assumption only · ends Apr 2054$346,966
New conventional · ends Dec 2056$558,931