Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,693/mo
Lowest payment- Down payment
- $40,182
- Funds due
- $53,678
- Interest + MI left
- $611,551
- First ends
- May 2056
New loan
New conventional
$3,835/mo
+$142/mo- Down payment
- $53,400
- Funds due
- $64,683
- Interest + MI left
- $702,717
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $493,818 | $480,600 |
| Second mortgage | — | — |
| First P&I | $2,981.78 | $3,255.75 |
| Second P&I | — | — |
| Mortgage insurance | $227.95 | $96.12 |
| Taxes, insurance & HOA | $483.58 | $483.58 |
| Total housing payment | $3,693.31 | $3,835.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,182
Closing costs & prepaids$13,496
Usable credit−$0
Total buyer cash needed$53,678
Earnest money paid−$0
Remaining funds due$53,678
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,340.00
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)$640.75
Initial HOA (3 months)$309.99
Prepaid interest, first (9 days)$730.58
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 5 moOf the original 30-year loan at 6%
Interest already paid$17,354Through Dec 2026
Assumption only · ends May 2056$611,551
New conventional · ends Jan 2057$702,717