Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$531/mo
+$94/mo- Down payment
- $0
- Funds due
- $6,731
- Interest + MI left
- $34,743
- First ends
- Jul 2049
New loan
New conventional
$437/mo
Lowest payment- Down payment
- $3,970
- Funds due
- $8,864
- Interest + MI left
- $54,187
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $55,094 | $35,730 |
| Second mortgage | — | — |
| First P&I | $303.04 | $247.39 |
| Second P&I | — | — |
| Mortgage insurance | $45.96 | $7.15 |
| Taxes, insurance & HOA | $182.33 | $182.33 |
| Total housing payment | $531.33 | $436.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$6,731
Usable credit−$0
Total buyer cash needed$6,731
Earnest money paid−$0
Remaining funds due$6,731
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$397.00
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)$97.00
Prepaid interest, first (2 days)$11.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing22 yr 8 moOf the original 30-year loan at 3.820%
Interest already paid$16,883Through Nov 2026
Assumption only · ends Jul 2049$34,743
New conventional · ends Dec 2056$54,187