Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,904/mo
Lowest payment- Down payment
- $36,989
- Funds due
- $47,946
- Interest + MI left
- $483,638
- First ends
- May 2055
New loan
New conventional
$2,935/mo
+$31/mo- Down payment
- $39,950
- Funds due
- $48,715
- Interest + MI left
- $545,282
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,511 | $359,550 |
| Second mortgage | — | — |
| First P&I | $2,361.68 | $2,489.45 |
| Second P&I | — | — |
| Mortgage insurance | $168.96 | $71.91 |
| Taxes, insurance & HOA | $373.84 | $373.84 |
| Total housing payment | $2,904.48 | $2,935.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,989
Closing costs & prepaids$10,957
Usable credit−$0
Total buyer cash needed$47,946
Earnest money paid−$0
Remaining funds due$47,946
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,995.00
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)$632.75
Initial HOA (3 months)$38.76
Prepaid interest, first (1 days)$65.85
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 closing28 yr 6 moOf the original 30-year loan at 6.630%
Interest already paid$36,379Through Nov 2026
Assumption only · ends May 2055$483,638
New conventional · ends Dec 2056$545,282