Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,571/mo
+$30/mo- Down payment
- $21,255
- Funds due
- $33,654
- Interest + MI left
- $429,215
- First ends
- Sep 2052
New loan
New conventional
$3,541/mo
Lowest payment- Down payment
- $43,990
- Funds due
- $54,166
- Interest + MI left
- $600,424
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $418,645 | $395,910 |
| Second mortgage | — | — |
| First P&I | $2,534.90 | $2,741.20 |
| Second P&I | — | — |
| Mortgage insurance | $315.89 | $79.18 |
| Taxes, insurance & HOA | $720.58 | $720.58 |
| Total housing payment | $3,571.38 | $3,540.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,255
Closing costs & prepaids$12,399
Usable credit−$0
Total buyer cash needed$33,654
Earnest money paid−$0
Remaining funds due$33,654
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.00
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)$1,516.75
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$63.20
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 closing25 yr 10 moOf the original 30-year loan at 5.510%
Interest already paid$99,432Through Nov 2026
Assumption only · ends Sep 2052$429,215
New conventional · ends Dec 2056$600,424