Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,726/mo
+$186/mo- Down payment
- $22,391
- Funds due
- $35,482
- Interest + MI left
- $614,216
- First ends
- Jun 2055
New loan
New conventional
$3,540/mo
Lowest payment- Down payment
- $48,200
- Funds due
- $59,025
- Interest + MI left
- $634,287
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $459,609 | $433,800 |
| Second mortgage | — | — |
| First P&I | $2,997.25 | $2,938.71 |
| Second P&I | — | — |
| Mortgage insurance | $214.21 | $86.76 |
| Taxes, insurance & HOA | $514.50 | $514.50 |
| Total housing payment | $3,725.96 | $3,539.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,391
Closing costs & prepaids$13,091
Usable credit−$0
Total buyer cash needed$35,482
Earnest money paid−$0
Remaining funds due$35,482
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,820.00
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)$578.50
Initial HOA (3 months)$465.00
Prepaid interest, first (9 days)$752.50
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 6 moOf the original 30-year loan at 6.64%
Interest already paid$46,191Through Dec 2026
Assumption only · ends Jun 2055$614,216
New conventional · ends Jan 2057$634,287