Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,593/mo
Lowest payment- Down payment
- $30,875
- Funds due
- $41,818
- Interest + MI left
- $343,321
- First ends
- Mar 2054
New loan
New conventional
$2,917/mo
+$324/mo- Down payment
- $39,900
- Funds due
- $48,688
- Interest + MI left
- $544,599
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $368,125 | $359,100 |
| Second mortgage | — | — |
| First P&I | $2,058.55 | $2,486.34 |
| Second P&I | — | — |
| Mortgage insurance | $175.96 | $71.82 |
| Taxes, insurance & HOA | $358.92 | $358.92 |
| Total housing payment | $2,593.42 | $2,917.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,875
Closing costs & prepaids$10,942
Usable credit−$0
Total buyer cash needed$41,818
Earnest money paid−$0
Remaining funds due$41,818
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$356.75
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$100.65
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 closing27 yr 4 moOf the original 30-year loan at 4.990%
Interest already paid$50,091Through Nov 2026
Assumption only · ends Mar 2054$343,321
New conventional · ends Dec 2056$544,599