Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,509/mo
Lowest payment- Down payment
- $32,104
- Funds due
- $44,890
- Interest + MI left
- $497,569
- First ends
- Nov 2054
New loan
New conventional
$3,762/mo
+$253/mo- Down payment
- $49,990
- Funds due
- $60,518
- Interest + MI left
- $682,319
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $467,796 | $449,910 |
| Second mortgage | — | — |
| First P&I | $2,731.77 | $3,115.09 |
| Second P&I | — | — |
| Mortgage insurance | $220.52 | $89.98 |
| Taxes, insurance & HOA | $557.00 | $557.00 |
| Total housing payment | $3,509.28 | $3,762.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,104
Closing costs & prepaids$12,786
Usable credit−$0
Total buyer cash needed$44,890
Earnest money paid−$0
Remaining funds due$44,890
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$973.00
Initial HOA (3 months)$198.00
Prepaid interest, first (2 days)$140.98
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 closing28 yrOf the original 30-year loan at 5.500%
Interest already paid$52,235Through Nov 2026
Assumption only · ends Nov 2054$497,569
New conventional · ends Dec 2056$682,319