Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,926/mo
+$47/mo- Down payment
- $44,994
- Funds due
- $57,811
- Interest + MI left
- $673,387
- First ends
- Jul 2055
New loan
New conventional
$3,879/mo
Lowest payment- Down payment
- $52,900
- Funds due
- $63,395
- Interest + MI left
- $722,038
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $484,006 | $476,100 |
| Second mortgage | — | — |
| First P&I | $3,213.67 | $3,296.42 |
| Second P&I | — | — |
| Mortgage insurance | $225.02 | $95.22 |
| Taxes, insurance & HOA | $487.33 | $487.33 |
| Total housing payment | $3,926.02 | $3,878.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,994
Closing costs & prepaids$12,818
Usable credit−$0
Total buyer cash needed$57,811
Earnest money paid−$0
Remaining funds due$57,811
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,290.00
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)$620.00
Initial HOA (3 months)$342.00
Prepaid interest, first (1 days)$90.70
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 8 moOf the original 30-year loan at 6.840%
Interest already paid$44,482Through Nov 2026
Assumption only · ends Jul 2055$673,387
New conventional · ends Dec 2056$722,038