Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,632/mo
Lowest payment- Down payment
- $26,403
- Funds due
- $37,763
- Interest + MI left
- $341,667
- First ends
- Mar 2054
New loan
New conventional
$2,871/mo
+$239/mo- Down payment
- $39,400
- Funds due
- $48,742
- Interest + MI left
- $518,484
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $367,597 | $354,600 |
| Second mortgage | — | — |
| First P&I | $2,058.55 | $2,402.18 |
| Second P&I | — | — |
| Mortgage insurance | $175.96 | $70.92 |
| Taxes, insurance & HOA | $397.58 | $397.58 |
| Total housing payment | $2,632.09 | $2,870.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,403
Closing costs & prepaids$11,360
Usable credit−$0
Total buyer cash needed$37,763
Earnest money paid−$0
Remaining funds due$37,763
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,940.00
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)$472.75
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$452.30
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 closing27 yr 3 moOf the original 30-year loan at 4.99%
Interest already paid$51,622Through Dec 2026
Assumption only · ends Mar 2054$341,667
New conventional · ends Jan 2057$518,484