Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,198/mo
Lowest payment- Down payment
- $46,663
- Funds due
- $58,762
- Interest + MI left
- $532,699
- First ends
- May 2055
New loan
New conventional
$3,208/mo
+$10/mo- Down payment
- $44,800
- Funds due
- $54,709
- Interest + MI left
- $589,545
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $401,337 | $403,200 |
| Second mortgage | — | — |
| First P&I | $2,614.60 | $2,731.42 |
| Second P&I | — | — |
| Mortgage insurance | $187.25 | $80.64 |
| Taxes, insurance & HOA | $396.17 | $396.17 |
| Total housing payment | $3,198.01 | $3,208.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,663
Closing costs & prepaids$12,099
Usable credit−$0
Total buyer cash needed$58,762
Earnest money paid−$0
Remaining funds due$58,762
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,480.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$537.50
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$655.11
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 6.62%
Interest already paid$42,471Through Dec 2026
Assumption only · ends May 2055$532,699
New conventional · ends Jan 2057$589,545