Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,263/mo
Lowest payment- Down payment
- $24,494
- Funds due
- $36,072
- Interest + MI left
- $596,558
- First ends
- Aug 2056
New loan
New conventional
$3,289/mo
+$26/mo- Down payment
- $46,999
- Funds due
- $56,316
- Interest + MI left
- $641,494
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $445,496 | $422,991 |
| Second mortgage | — | — |
| First P&I | $2,782.74 | $2,928.70 |
| Second P&I | — | — |
| Mortgage insurance | $204.76 | $84.60 |
| Taxes, insurance & HOA | $275.33 | $275.33 |
| Total housing payment | $3,262.84 | $3,288.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,494
Closing costs & prepaids$11,579
Usable credit−$0
Total buyer cash needed$36,072
Earnest money paid−$0
Remaining funds due$36,072
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,699.90
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)$5.00
Initial HOA (3 months)$321.00
Prepaid interest, first (1 days)$77.63
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 closing29 yr 9 moOf the original 30-year loan at 6.360%
Interest already paid$7,097Through Nov 2026
Assumption only · ends Aug 2056$596,558
New conventional · ends Dec 2056$641,494