Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,438/mo
+$51/mo- Down payment
- $48,315
- Funds due
- $61,015
- Interest + MI left
- $588,477
- First ends
- Aug 2055
New loan
New conventional
$3,387/mo
Lowest payment- Down payment
- $46,990
- Funds due
- $57,456
- Interest + MI left
- $618,364
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $421,585 | $422,910 |
| Second mortgage | — | — |
| First P&I | $2,804.77 | $2,864.94 |
| Second P&I | — | — |
| Mortgage insurance | $195.99 | $84.58 |
| Taxes, insurance & HOA | $437.67 | $437.67 |
| Total housing payment | $3,438.42 | $3,387.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,315
Closing costs & prepaids$12,700
Usable credit−$0
Total buyer cash needed$61,015
Earnest money paid−$0
Remaining funds due$61,015
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,699.00
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)$564.00
Initial HOA (3 months)$249.00
Prepaid interest, first (9 days)$713.11
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 6.86%
Interest already paid$38,858Through Dec 2026
Assumption only · ends Aug 2055$588,477
New conventional · ends Jan 2057$618,364