Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,443/mo
Lowest payment- Down payment
- $38,131
- Funds due
- $50,223
- Interest + MI left
- $570,054
- First ends
- May 2055
New loan
New conventional
$3,475/mo
+$33/mo- Down payment
- $47,500
- Funds due
- $57,326
- Interest + MI left
- $648,333
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $436,869 | $427,500 |
| Second mortgage | — | — |
| First P&I | $2,809.19 | $2,959.92 |
| Second P&I | — | — |
| Mortgage insurance | $203.70 | $85.50 |
| Taxes, insurance & HOA | $429.83 | $429.83 |
| Total housing payment | $3,442.73 | $3,475.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,131
Closing costs & prepaids$12,092
Usable credit−$0
Total buyer cash needed$50,223
Earnest money paid−$0
Remaining funds due$50,223
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$459.50
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$77.80
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.500%
Interest already paid$42,990Through Nov 2026
Assumption only · ends May 2055$570,054
New conventional · ends Dec 2056$648,333