Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,886/mo
+$179/mo- Down payment
- $20,807
- Funds due
- $33,551
- Interest + MI left
- $643,954
- First ends
- Sep 2055
New loan
New conventional
$3,707/mo
Lowest payment- Down payment
- $48,050
- Funds due
- $58,515
- Interest + MI left
- $655,840
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $459,693 | $432,450 |
| Second mortgage | — | — |
| First P&I | $3,046.56 | $2,994.20 |
| Second P&I | — | — |
| Mortgage insurance | $213.31 | $86.49 |
| Taxes, insurance & HOA | $626.08 | $626.08 |
| Total housing payment | $3,885.96 | $3,706.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,807
Closing costs & prepaids$12,744
Usable credit−$0
Total buyer cash needed$33,551
Earnest money paid−$0
Remaining funds due$33,551
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,805.00
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)$742.25
Initial HOA (3 months)$636.00
Prepaid interest, first (1 days)$86.15
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$36,931Through Nov 2026
Assumption only · ends Sep 2055$643,954
New conventional · ends Dec 2056$655,840