Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,086/mo
Lowest payment- Down payment
- $17,333
- Funds due
- $28,873
- Interest + MI left
- $482,750
- First ends
- Nov 2055
New loan
New conventional
$3,178/mo
+$92/mo- Down payment
- $42,220
- Funds due
- $51,561
- Interest + MI left
- $576,258
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $404,862 | $379,975 |
| Second mortgage | — | — |
| First P&I | $2,429.50 | $2,630.87 |
| Second P&I | — | — |
| Mortgage insurance | $185.56 | $76.00 |
| Taxes, insurance & HOA | $470.83 | $470.83 |
| Total housing payment | $3,085.89 | $3,177.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,333
Closing costs & prepaids$11,540
Usable credit−$0
Total buyer cash needed$28,873
Earnest money paid−$0
Remaining funds due$28,873
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,221.95
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)$80.50
Initial HOA (3 months)$882.00
Prepaid interest, first (2 days)$130.69
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 closing29 yrOf the original 30-year loan at 5.891%
Interest already paid$24,016Through Nov 2026
Assumption only · ends Nov 2055$482,750
New conventional · ends Dec 2056$576,258