Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,174/mo
+$104/mo- Down payment
- $45,953
- Funds due
- $59,901
- Interest + MI left
- $733,193
- First ends
- Oct 2055
New loan
New conventional
$4,070/mo
Lowest payment- Down payment
- $57,990
- Funds due
- $69,598
- Interest + MI left
- $763,119
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $533,947 | $521,910 |
| Second mortgage | — | — |
| First P&I | $3,496.50 | $3,535.60 |
| Second P&I | — | — |
| Mortgage insurance | $247.84 | $104.38 |
| Taxes, insurance & HOA | $430.00 | $430.00 |
| Total housing payment | $4,174.34 | $4,069.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,953
Closing costs & prepaids$13,949
Usable credit−$0
Total buyer cash needed$59,901
Earnest money paid−$0
Remaining funds due$59,901
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,799.00
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)$696.00
Initial HOA (3 months)$93.99
Prepaid interest, first (9 days)$884.74
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 10 moOf the original 30-year loan at 6.72%
Interest already paid$42,151Through Dec 2026
Assumption only · ends Oct 2055$733,193
New conventional · ends Jan 2057$763,119