Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,536/mo
+$121/mo- Down payment
- $21,940
- Funds due
- $33,792
- Interest + MI left
- $616,930
- First ends
- Jun 2055
New loan
New conventional
$3,415/mo
Lowest payment- Down payment
- $48,200
- Funds due
- $57,775
- Interest + MI left
- $657,887
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $460,060 | $433,800 |
| Second mortgage | — | — |
| First P&I | $2,997.25 | $3,003.54 |
| Second P&I | — | — |
| Mortgage insurance | $214.21 | $86.76 |
| Taxes, insurance & HOA | $324.75 | $324.75 |
| Total housing payment | $3,536.21 | $3,415.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,940
Closing costs & prepaids$11,853
Usable credit−$0
Total buyer cash needed$33,792
Earnest money paid−$0
Remaining funds due$33,792
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,820.00
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)$9.25
Initial HOA (3 months)$465.00
Prepaid interest, first (1 days)$83.69
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 7 moOf the original 30-year loan at 6.640%
Interest already paid$43,646Through Nov 2026
Assumption only · ends Jun 2055$616,930
New conventional · ends Dec 2056$657,887