Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,465/mo
Lowest payment- Down payment
- $26,836
- Funds due
- $40,076
- Interest + MI left
- $447,549
- First ends
- Feb 2054
New loan
New conventional
$3,725/mo
+$260/mo- Down payment
- $50,999
- Funds due
- $62,148
- Interest + MI left
- $671,121
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $483,154 | $458,991 |
| Second mortgage | — | — |
| First P&I | $2,709.58 | $3,109.36 |
| Second P&I | — | — |
| Mortgage insurance | $231.61 | $91.80 |
| Taxes, insurance & HOA | $523.67 | $523.67 |
| Total housing payment | $3,464.85 | $3,724.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,836
Closing costs & prepaids$13,240
Usable credit−$0
Total buyer cash needed$40,076
Earnest money paid−$0
Remaining funds due$40,076
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,099.90
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)$612.00
Initial HOA (3 months)$459.00
Prepaid interest, first (9 days)$594.48
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 2 moOf the original 30-year loan at 4.99%
Interest already paid$69,960Through Dec 2026
Assumption only · ends Feb 2054$447,549
New conventional · ends Jan 2057$671,121