Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,033/mo
+$49/mo- Down payment
- $36,850
- Funds due
- $49,654
- Interest + MI left
- $684,439
- First ends
- Jan 2055
New loan
New conventional
$3,984/mo
Lowest payment- Down payment
- $56,500
- Funds due
- $66,948
- Interest + MI left
- $771,174
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $528,150 | $508,500 |
| Second mortgage | — | — |
| First P&I | $3,423.75 | $3,520.75 |
| Second P&I | — | — |
| Mortgage insurance | $247.24 | $101.70 |
| Taxes, insurance & HOA | $361.58 | $361.58 |
| Total housing payment | $4,032.57 | $3,984.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,850
Closing costs & prepaids$12,804
Usable credit−$0
Total buyer cash needed$49,654
Earnest money paid−$0
Remaining funds due$49,654
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,650.00
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)$83.75
Initial HOA (3 months)$501.00
Prepaid interest, first (1 days)$94.63
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 6.540%
Interest already paid$64,045Through Nov 2026
Assumption only · ends Jan 2055$684,439
New conventional · ends Dec 2056$771,174