Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,860/mo
+$69/mo- Down payment
- $40,592
- Funds due
- $53,177
- Interest + MI left
- $679,276
- First ends
- Sep 2055
New loan
New conventional
$3,791/mo
Lowest payment- Down payment
- $52,550
- Funds due
- $62,815
- Interest + MI left
- $717,260
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $484,908 | $472,950 |
| Second mortgage | — | — |
| First P&I | $3,213.67 | $3,274.61 |
| Second P&I | — | — |
| Mortgage insurance | $225.02 | $94.59 |
| Taxes, insurance & HOA | $421.67 | $421.67 |
| Total housing payment | $3,860.36 | $3,790.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,592
Closing costs & prepaids$12,586
Usable credit−$0
Total buyer cash needed$53,177
Earnest money paid−$0
Remaining funds due$53,177
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,255.00
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)$465.00
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$90.87
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 10 moOf the original 30-year loan at 6.840%
Interest already paid$38,957Through Nov 2026
Assumption only · ends Sep 2055$679,276
New conventional · ends Dec 2056$717,260