Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,343/mo
Lowest payment- Down payment
- $31,245
- Funds due
- $44,198
- Interest + MI left
- $454,701
- First ends
- Jun 2054
New loan
New conventional
$3,570/mo
+$228/mo- Down payment
- $48,999
- Funds due
- $59,849
- Interest + MI left
- $644,802
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $458,745 | $440,991 |
| Second mortgage | — | — |
| First P&I | $2,629.68 | $2,987.43 |
| Second P&I | — | — |
| Mortgage insurance | $218.27 | $88.20 |
| Taxes, insurance & HOA | $494.67 | $494.67 |
| Total housing payment | $3,342.61 | $3,570.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,245
Closing costs & prepaids$12,953
Usable credit−$0
Total buyer cash needed$44,198
Earnest money paid−$0
Remaining funds due$44,198
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,899.90
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)$588.00
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$593.85
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 6 moOf the original 30-year loan at 5.25%
Interest already paid$61,420Through Dec 2026
Assumption only · ends Jun 2054$454,701
New conventional · ends Jan 2057$644,802