Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,437/mo
+$81/mo- Down payment
- $37,502
- Funds due
- $50,072
- Interest + MI left
- $505,126
- First ends
- Feb 2055
New loan
New conventional
$3,356/mo
Lowest payment- Down payment
- $41,000
- Funds due
- $51,375
- Interest + MI left
- $539,539
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $372,498 | $369,000 |
| Second mortgage | — | — |
| First P&I | $2,480.19 | $2,499.73 |
| Second P&I | — | — |
| Mortgage insurance | $174.19 | $73.80 |
| Taxes, insurance & HOA | $782.50 | $782.50 |
| Total housing payment | $3,436.88 | $3,356.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,502
Closing costs & prepaids$12,570
Usable credit−$0
Total buyer cash needed$50,072
Earnest money paid−$0
Remaining funds due$50,072
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$1,045.50
Initial HOA (3 months)$852.00
Prepaid interest, first (5 days)$347.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 2 moOf the original 30-year loan at 6.81%
Interest already paid$47,009Through Dec 2026
Assumption only · ends Feb 2055$505,126
New conventional · ends Jan 2057$539,539