Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,750/mo
Lowest payment- Down payment
- $33,498
- Funds due
- $45,333
- Interest + MI left
- $363,247
- First ends
- Jul 2055
New loan
New conventional
$3,458/mo
+$708/mo- Down payment
- $50,000
- Funds due
- $59,615
- Interest + MI left
- $682,455
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $466,502 | $450,000 |
| Second mortgage | — | — |
| First P&I | $2,278.41 | $3,115.71 |
| Second P&I | — | — |
| Mortgage insurance | $219.00 | $90.00 |
| Taxes, insurance & HOA | $252.50 | $252.50 |
| Total housing payment | $2,749.91 | $3,458.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,498
Closing costs & prepaids$11,834
Usable credit−$0
Total buyer cash needed$45,333
Earnest money paid−$0
Remaining funds due$45,333
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$71.50
Initial HOA (3 months)$186.00
Prepaid interest, first (2 days)$101.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing28 yr 8 moOf the original 30-year loan at 3.990%
Interest already paid$25,140Through Nov 2026
Assumption only · ends Jul 2055$363,247
New conventional · ends Dec 2056$682,455