Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,217/mo
Lowest payment- Down payment
- $40,780
- Funds due
- $53,871
- Interest + MI left
- $706,378
- First ends
- Jul 2063
New loan
New conventional
$3,615/mo
+$398/mo- Down payment
- $49,590
- Funds due
- $60,524
- Interest + MI left
- $652,579
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $455,120 | $446,310 |
| Second mortgage | — | — |
| First P&I | $2,500.92 | $3,023.46 |
| Second P&I | — | — |
| Mortgage insurance | $213.72 | $89.26 |
| Taxes, insurance & HOA | $502.00 | $502.00 |
| Total housing payment | $3,216.64 | $3,614.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,780
Closing costs & prepaids$13,091
Usable credit−$0
Total buyer cash needed$53,871
Earnest money paid−$0
Remaining funds due$53,871
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,959.00
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)$595.00
Initial HOA (3 months)$411.00
Prepaid interest, first (9 days)$650.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing36 yr 7 moOf the original 40-year loan at 5.8%
Interest already paid$91,360Through Dec 2026
Assumption only · ends Jul 2063$706,378
New conventional · ends Jan 2057$652,579