Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,425/mo
Lowest payment- Down payment
- $47,622
- Funds due
- $60,341
- Interest + MI left
- $495,506
- First ends
- May 2053
New loan
New conventional
$3,438/mo
+$13/mo- Down payment
- $48,000
- Funds due
- $58,536
- Interest + MI left
- $631,655
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $432,378 | $432,000 |
| Second mortgage | — | — |
| First P&I | $2,792.13 | $2,926.52 |
| Second P&I | — | — |
| Mortgage insurance | $207.62 | $86.40 |
| Taxes, insurance & HOA | $425.34 | $425.34 |
| Total housing payment | $3,425.09 | $3,438.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,622
Closing costs & prepaids$12,718
Usable credit−$0
Total buyer cash needed$60,341
Earnest money paid−$0
Remaining funds due$60,341
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)$576.00
Initial HOA (3 months)$200.01
Prepaid interest, first (9 days)$667.40
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 closing26 yr 5 moOf the original 30-year loan at 6.26%
Interest already paid$99,442Through Dec 2026
Assumption only · ends May 2053$495,506
New conventional · ends Jan 2057$631,655