Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,723/mo
Lowest payment- Down payment
- $46,526
- Funds due
- $59,276
- Interest + MI left
- $651,543
- First ends
- Jul 2056
New loan
New conventional
$3,892/mo
+$169/mo- Down payment
- $53,990
- Funds due
- $64,413
- Interest + MI left
- $736,915
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $493,374 | $485,910 |
| Second mortgage | — | — |
| First P&I | $3,065.46 | $3,364.34 |
| Second P&I | — | — |
| Mortgage insurance | $226.99 | $97.18 |
| Taxes, insurance & HOA | $430.17 | $430.17 |
| Total housing payment | $3,722.62 | $3,891.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,526
Closing costs & prepaids$12,750
Usable credit−$0
Total buyer cash needed$59,276
Earnest money paid−$0
Remaining funds due$59,276
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,399.00
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)$550.50
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$85.16
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 8 moOf the original 30-year loan at 6.300%
Interest already paid$10,386Through Nov 2026
Assumption only · ends Jul 2056$651,543
New conventional · ends Dec 2056$736,915