Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,184/mo
+$81/mo- Down payment
- $38,467
- Funds due
- $52,606
- Interest + MI left
- $689,405
- First ends
- Jul 2055
New loan
New conventional
$4,103/mo
Lowest payment- Down payment
- $56,500
- Funds due
- $68,330
- Interest + MI left
- $743,511
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $526,533 | $508,500 |
| Second mortgage | — | — |
| First P&I | $3,382.34 | $3,444.76 |
| Second P&I | — | — |
| Mortgage insurance | $245.26 | $101.70 |
| Taxes, insurance & HOA | $556.67 | $556.67 |
| Total housing payment | $4,184.27 | $4,103.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,467
Closing costs & prepaids$14,139
Usable credit−$0
Total buyer cash needed$52,606
Earnest money paid−$0
Remaining funds due$52,606
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,650.00
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)$678.00
Initial HOA (3 months)$492.00
Prepaid interest, first (9 days)$843.90
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 6.5%
Interest already paid$48,910Through Dec 2026
Assumption only · ends Jul 2055$689,405
New conventional · ends Jan 2057$743,511