Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,816/mo
+$151/mo- Down payment
- $16,685
- Funds due
- $28,952
- Interest + MI left
- $646,513
- First ends
- Jan 2055
New loan
New conventional
$3,665/mo
Lowest payment- Down payment
- $51,900
- Funds due
- $61,853
- Interest + MI left
- $708,389
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $502,315 | $467,100 |
| Second mortgage | — | — |
| First P&I | $3,243.28 | $3,234.11 |
| Second P&I | — | — |
| Mortgage insurance | $235.18 | $93.42 |
| Taxes, insurance & HOA | $337.42 | $337.42 |
| Total housing payment | $3,815.88 | $3,664.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,685
Closing costs & prepaids$12,267
Usable credit−$0
Total buyer cash needed$28,952
Earnest money paid−$0
Remaining funds due$28,952
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,190.00
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)$95.25
Initial HOA (3 months)$417.00
Prepaid interest, first (1 days)$89.45
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 2 moOf the original 30-year loan at 6.500%
Interest already paid$60,545Through Nov 2026
Assumption only · ends Jan 2055$646,513
New conventional · ends Dec 2056$708,389