Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,301/mo
Lowest payment- Down payment
- $50,694
- Funds due
- $65,016
- Interest + MI left
- $519,401
- First ends
- Nov 2052
New loan
New conventional
$4,425/mo
+$124/mo- Down payment
- $55,000
- Funds due
- $67,021
- Interest + MI left
- $750,701
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $499,306 | $495,000 |
| Second mortgage | — | — |
| First P&I | $3,026.61 | $3,427.28 |
| Second P&I | — | — |
| Mortgage insurance | $375.50 | $99.00 |
| Taxes, insurance & HOA | $898.58 | $898.58 |
| Total housing payment | $4,300.70 | $4,424.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,694
Closing costs & prepaids$14,323
Usable credit−$0
Total buyer cash needed$65,016
Earnest money paid−$0
Remaining funds due$65,016
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$2,195.75
Prepaid interest, first (2 days)$151.84
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 closing26 yrOf the original 30-year loan at 5.550%
Interest already paid$114,464Through Nov 2026
Assumption only · ends Nov 2052$519,401
New conventional · ends Dec 2056$750,701