Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,004/mo
Lowest payment- Down payment
- $37,388
- Funds due
- $48,800
- Interest + MI left
- $437,260
- First ends
- May 2054
New loan
New conventional
$3,240/mo
+$236/mo- Down payment
- $44,890
- Funds due
- $54,071
- Interest + MI left
- $612,708
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $411,512 | $404,010 |
| Second mortgage | — | — |
| First P&I | $2,446.82 | $2,797.28 |
| Second P&I | — | — |
| Mortgage insurance | $195.35 | $80.80 |
| Taxes, insurance & HOA | $361.42 | $361.42 |
| Total housing payment | $3,003.59 | $3,239.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,388
Closing costs & prepaids$11,411
Usable credit−$0
Total buyer cash needed$48,800
Earnest money paid−$0
Remaining funds due$48,800
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,489.00
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)$337.25
Initial HOA (3 months)$297.00
Prepaid interest, first (1 days)$63.14
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 6 moOf the original 30-year loan at 5.600%
Interest already paid$58,699Through Nov 2026
Assumption only · ends May 2054$437,260
New conventional · ends Dec 2056$612,708