Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,532/mo
Lowest payment- Down payment
- $39,025
- Funds due
- $52,065
- Interest + MI left
- $527,026
- First ends
- Jun 2054
New loan
New conventional
$3,599/mo
+$68/mo- Down payment
- $49,990
- Funds due
- $60,846
- Interest + MI left
- $657,843
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $460,875 | $449,910 |
| Second mortgage | — | — |
| First P&I | $2,852.03 | $3,047.85 |
| Second P&I | — | — |
| Mortgage insurance | $218.26 | $89.98 |
| Taxes, insurance & HOA | $461.67 | $461.67 |
| Total housing payment | $3,531.96 | $3,599.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,025
Closing costs & prepaids$13,040
Usable credit−$0
Total buyer cash needed$52,065
Earnest money paid−$0
Remaining funds due$52,065
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$600.00
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$680.71
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 5.99%
Interest already paid$70,231Through Dec 2026
Assumption only · ends Jun 2054$527,026
New conventional · ends Jan 2057$657,843