Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,914/mo
+$172/mo- Down payment
- $36,041
- Funds due
- $49,463
- Interest + MI left
- $676,330
- First ends
- Sep 2055
New loan
New conventional
$3,742/mo
Lowest payment- Down payment
- $52,050
- Funds due
- $63,163
- Interest + MI left
- $684,951
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $484,459 | $468,450 |
| Second mortgage | — | — |
| First P&I | $3,213.67 | $3,173.44 |
| Second P&I | — | — |
| Mortgage insurance | $225.02 | $93.69 |
| Taxes, insurance & HOA | $474.83 | $474.83 |
| Total housing payment | $3,913.52 | $3,741.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,041
Closing costs & prepaids$13,422
Usable credit−$0
Total buyer cash needed$49,463
Earnest money paid−$0
Remaining funds due$49,463
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,205.00
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)$624.50
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$817.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 9 moOf the original 30-year loan at 6.84%
Interest already paid$41,721Through Dec 2026
Assumption only · ends Sep 2055$676,330
New conventional · ends Jan 2057$684,951