Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,367/mo
+$118/mo- Down payment
- $32,904
- Funds due
- $46,378
- Interest + MI left
- $730,984
- First ends
- Apr 2055
New loan
New conventional
$4,249/mo
Lowest payment- Down payment
- $57,900
- Funds due
- $69,001
- Interest + MI left
- $790,283
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $546,096 | $521,100 |
| Second mortgage | — | — |
| First P&I | $3,575.46 | $3,607.99 |
| Second P&I | — | — |
| Mortgage insurance | $254.75 | $104.22 |
| Taxes, insurance & HOA | $536.58 | $536.58 |
| Total housing payment | $4,366.79 | $4,248.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,904
Closing costs & prepaids$13,475
Usable credit−$0
Total buyer cash needed$46,378
Earnest money paid−$0
Remaining funds due$46,378
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,790.00
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)$602.75
Initial HOA (3 months)$507.00
Prepaid interest, first (1 days)$99.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.670%
Interest already paid$58,221Through Nov 2026
Assumption only · ends Apr 2055$730,984
New conventional · ends Dec 2056$790,283