Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,709/mo
Lowest payment- Down payment
- $44,672
- Funds due
- $57,617
- Interest + MI left
- $614,197
- First ends
- May 2056
New loan
New conventional
$3,956/mo
+$246/mo- Down payment
- $53,900
- Funds due
- $64,524
- Interest + MI left
- $735,687
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $494,328 | $485,100 |
| Second mortgage | — | — |
| First P&I | $2,981.78 | $3,358.73 |
| Second P&I | — | — |
| Mortgage insurance | $227.95 | $97.02 |
| Taxes, insurance & HOA | $499.75 | $499.75 |
| Total housing payment | $3,709.47 | $3,955.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,672
Closing costs & prepaids$12,945
Usable credit−$0
Total buyer cash needed$57,617
Earnest money paid−$0
Remaining funds due$57,617
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,390.00
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)$689.25
Initial HOA (3 months)$309.99
Prepaid interest, first (1 days)$81.26
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 closing29 yr 6 moOf the original 30-year loan at 6.000%
Interest already paid$14,883Through Nov 2026
Assumption only · ends May 2056$614,197
New conventional · ends Dec 2056$735,687