Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,480/mo
+$31/mo- Down payment
- $38,574
- Funds due
- $51,398
- Interest + MI left
- $567,530
- First ends
- May 2055
New loan
New conventional
$3,448/mo
Lowest payment- Down payment
- $47,500
- Funds due
- $58,107
- Interest + MI left
- $625,076
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $436,426 | $427,500 |
| Second mortgage | — | — |
| First P&I | $2,809.19 | $2,896.03 |
| Second P&I | — | — |
| Mortgage insurance | $203.70 | $85.50 |
| Taxes, insurance & HOA | $466.67 | $466.67 |
| Total housing payment | $3,479.56 | $3,448.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,574
Closing costs & prepaids$12,824
Usable credit−$0
Total buyer cash needed$51,398
Earnest money paid−$0
Remaining funds due$51,398
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)$570.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$699.48
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 closing28 yr 5 moOf the original 30-year loan at 6.5%
Interest already paid$45,357Through Dec 2026
Assumption only · ends May 2055$567,530
New conventional · ends Jan 2057$625,076