Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,931/mo
+$118/mo- Down payment
- $45,448
- Funds due
- $59,006
- Interest + MI left
- $670,448
- First ends
- Jul 2055
New loan
New conventional
$3,813/mo
Lowest payment- Down payment
- $52,900
- Funds due
- $64,156
- Interest + MI left
- $696,137
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $483,552 | $476,100 |
| Second mortgage | — | — |
| First P&I | $3,213.67 | $3,225.27 |
| Second P&I | — | — |
| Mortgage insurance | $225.02 | $95.22 |
| Taxes, insurance & HOA | $492.25 | $492.25 |
| Total housing payment | $3,930.94 | $3,812.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,448
Closing costs & prepaids$13,557
Usable credit−$0
Total buyer cash needed$59,006
Earnest money paid−$0
Remaining funds due$59,006
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,290.00
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)$634.75
Initial HOA (3 months)$342.00
Prepaid interest, first (9 days)$815.55
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 closing28 yr 7 moOf the original 30-year loan at 6.84%
Interest already paid$47,241Through Dec 2026
Assumption only · ends Jul 2055$670,448
New conventional · ends Jan 2057$696,137