Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,043/mo
+$205/mo- Down payment
- $32,118
- Funds due
- $45,838
- Interest + MI left
- $679,899
- First ends
- Aug 2055
New loan
New conventional
$3,838/mo
Lowest payment- Down payment
- $52,000
- Funds due
- $63,405
- Interest + MI left
- $684,293
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $487,882 | $468,000 |
| Second mortgage | — | — |
| First P&I | $3,242.62 | $3,170.40 |
| Second P&I | — | — |
| Mortgage insurance | $226.81 | $93.60 |
| Taxes, insurance & HOA | $573.67 | $573.67 |
| Total housing payment | $4,043.10 | $3,837.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,118
Closing costs & prepaids$13,720
Usable credit−$0
Total buyer cash needed$45,838
Earnest money paid−$0
Remaining funds due$45,838
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,200.00
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)$624.00
Initial HOA (3 months)$597.00
Prepaid interest, first (9 days)$824.05
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 8 moOf the original 30-year loan at 6.85%
Interest already paid$44,903Through Dec 2026
Assumption only · ends Aug 2055$679,899
New conventional · ends Jan 2057$684,293