Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,346/mo
Lowest payment- Down payment
- $40,927
- Funds due
- $53,013
- Interest + MI left
- $530,138
- First ends
- Nov 2055
New loan
New conventional
$3,432/mo
+$86/mo- Down payment
- $43,900
- Funds due
- $53,757
- Interest + MI left
- $599,196
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $398,073 | $395,100 |
| Second mortgage | — | — |
| First P&I | $2,544.54 | $2,735.59 |
| Second P&I | — | — |
| Mortgage insurance | $184.51 | $79.02 |
| Taxes, insurance & HOA | $616.92 | $616.92 |
| Total housing payment | $3,345.96 | $3,431.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,927
Closing costs & prepaids$12,087
Usable credit−$0
Total buyer cash needed$53,013
Earnest money paid−$0
Remaining funds due$53,013
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$854.75
Initial HOA (3 months)$546.00
Prepaid interest, first (1 days)$70.89
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 closing29 yrOf the original 30-year loan at 6.500%
Interest already paid$26,035Through Nov 2026
Assumption only · ends Nov 2055$530,138
New conventional · ends Dec 2056$599,196