Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,686/mo
Lowest payment- Down payment
- $26,438
- Funds due
- $37,259
- Interest + MI left
- $393,819
- First ends
- Oct 2054
New loan
New conventional
$2,861/mo
+$175/mo- Down payment
- $38,900
- Funds due
- $47,548
- Interest + MI left
- $530,950
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,562 | $350,100 |
| Second mortgage | — | — |
| First P&I | $2,147.87 | $2,424.02 |
| Second P&I | — | — |
| Mortgage insurance | $171.01 | $70.02 |
| Taxes, insurance & HOA | $366.92 | $366.92 |
| Total housing payment | $2,685.79 | $2,860.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,438
Closing costs & prepaids$10,822
Usable credit−$0
Total buyer cash needed$37,259
Earnest money paid−$0
Remaining funds due$37,259
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$428.75
Initial HOA (3 months)$222.00
Prepaid interest, first (1 days)$55.87
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 11 moOf the original 30-year loan at 5.625%
Interest already paid$43,143Through Nov 2026
Assumption only · ends Oct 2054$393,819
New conventional · ends Dec 2056$530,950