Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,136/mo
+$69/mo- Down payment
- $27,110
- Funds due
- $38,539
- Interest + MI left
- $507,095
- First ends
- May 2055
New loan
New conventional
$3,067/mo
Lowest payment- Down payment
- $39,900
- Funds due
- $49,138
- Interest + MI left
- $544,599
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $371,890 | $359,100 |
| Second mortgage | — | — |
| First P&I | $2,454.38 | $2,486.34 |
| Second P&I | — | — |
| Mortgage insurance | $173.26 | $71.82 |
| Taxes, insurance & HOA | $508.83 | $508.83 |
| Total housing payment | $3,136.48 | $3,066.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,110
Closing costs & prepaids$11,429
Usable credit−$0
Total buyer cash needed$38,539
Earnest money paid−$0
Remaining funds due$38,539
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$1,076.50
Prepaid interest, first (2 days)$137.75
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 yr 6 moOf the original 30-year loan at 6.760%
Interest already paid$38,043Through Nov 2026
Assumption only · ends May 2055$507,095
New conventional · ends Dec 2056$544,599