Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,418/mo
+$132/mo- Down payment
- $53,228
- Funds due
- $67,693
- Interest + MI left
- $752,762
- First ends
- May 2055
New loan
New conventional
$4,286/mo
Lowest payment- Down payment
- $59,900
- Funds due
- $71,999
- Interest + MI left
- $788,253
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $545,772 | $539,100 |
| Second mortgage | — | — |
| First P&I | $3,637.67 | $3,652.05 |
| Second P&I | — | — |
| Mortgage insurance | $254.44 | $107.82 |
| Taxes, insurance & HOA | $526.25 | $526.25 |
| Total housing payment | $4,418.37 | $4,286.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,228
Closing costs & prepaids$14,466
Usable credit−$0
Total buyer cash needed$67,693
Earnest money paid−$0
Remaining funds due$67,693
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,990.00
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)$718.75
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$921.83
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 5 moOf the original 30-year loan at 6.85%
Interest already paid$59,738Through Dec 2026
Assumption only · ends May 2055$752,762
New conventional · ends Jan 2057$788,253