Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,973/mo
Lowest payment- Down payment
- $34,378
- Funds due
- $48,395
- Interest + MI left
- $520,186
- First ends
- Dec 2054
New loan
New conventional
$4,073/mo
+$100/mo- Down payment
- $46,800
- Funds due
- $58,574
- Interest + MI left
- $638,778
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $433,622 | $421,200 |
| Second mortgage | — | — |
| First P&I | $2,697.19 | $2,916.30 |
| Second P&I | — | — |
| Mortgage insurance | $203.56 | $84.24 |
| Taxes, insurance & HOA | $1,072.17 | $1,072.17 |
| Total housing payment | $3,972.92 | $4,072.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,378
Closing costs & prepaids$14,017
Usable credit−$0
Total buyer cash needed$48,395
Earnest money paid−$0
Remaining funds due$48,395
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,680.00
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)$1,246.50
Initial HOA (3 months)$1,470.00
Prepaid interest, first (2 days)$145.41
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 1 moOf the original 30-year loan at 6.120%
Interest already paid$51,519Through Nov 2026
Assumption only · ends Dec 2054$520,186
New conventional · ends Dec 2056$638,778