Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,053/mo
Lowest payment- Down payment
- $53,662
- Funds due
- $67,228
- Interest + MI left
- $344,379
- First ends
- Dec 2055
New loan
New conventional
$4,124/mo
+$1,071/mo- Down payment
- $58,990
- Funds due
- $70,677
- Interest + MI left
- $776,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $536,238 | $530,910 |
| Second mortgage | — | — |
| First P&I | $2,381.42 | $3,596.57 |
| Second P&I | — | — |
| Mortgage insurance | $250.80 | $106.18 |
| Taxes, insurance & HOA | $420.84 | $420.84 |
| Total housing payment | $3,053.06 | $4,123.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,662
Closing costs & prepaids$13,566
Usable credit−$0
Total buyer cash needed$67,228
Earnest money paid−$0
Remaining funds due$67,228
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,899.00
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)$708.00
Initial HOA (3 months)$54.51
Prepaid interest, first (9 days)$429.73
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 yrOf the original 30-year loan at 3.25%
Interest already paid$17,622Through Dec 2026
Assumption only · ends Dec 2055$344,379
New conventional · ends Jan 2057$776,278