Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,475/mo
Lowest payment- Down payment
- $47,089
- Funds due
- $59,437
- Interest + MI left
- $497,920
- First ends
- May 2053
New loan
New conventional
$3,552/mo
+$78/mo- Down payment
- $48,000
- Funds due
- $58,095
- Interest + MI left
- $655,157
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $432,911 | $432,000 |
| Second mortgage | — | — |
| First P&I | $2,792.13 | $2,991.08 |
| Second P&I | — | — |
| Mortgage insurance | $207.62 | $86.40 |
| Taxes, insurance & HOA | $475.00 | $475.00 |
| Total housing payment | $3,474.75 | $3,552.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,089
Closing costs & prepaids$12,349
Usable credit−$0
Total buyer cash needed$59,437
Earnest money paid−$0
Remaining funds due$59,437
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$725.00
Initial HOA (3 months)$200.01
Prepaid interest, first (2 days)$148.49
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 yr 6 moOf the original 30-year loan at 6.260%
Interest already paid$97,184Through Nov 2026
Assumption only · ends May 2053$497,920
New conventional · ends Dec 2056$655,157