Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,647/mo
Lowest payment- Down payment
- $47,148
- Funds due
- $59,581
- Interest + MI left
- $327,585
- First ends
- Jul 2056
New loan
New conventional
$3,356/mo
+$709/mo- Down payment
- $45,417
- Funds due
- $55,919
- Interest + MI left
- $597,663
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $407,021 | $408,752 |
| Second mortgage | — | — |
| First P&I | $1,955.04 | $2,769.03 |
| Second P&I | — | — |
| Mortgage insurance | $186.55 | $81.75 |
| Taxes, insurance & HOA | $505.33 | $505.33 |
| Total housing payment | $2,646.92 | $3,356.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,148
Closing costs & prepaids$12,433
Usable credit−$0
Total buyer cash needed$59,581
Earnest money paid−$0
Remaining funds due$59,581
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,541.69
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)$545.00
Initial HOA (3 months)$471.00
Prepaid interest, first (9 days)$400.44
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 closing29 yr 7 moOf the original 30-year loan at 3.99%
Interest already paid$6,797Through Dec 2026
Assumption only · ends Jul 2056$327,585
New conventional · ends Jan 2057$597,663