Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,387/mo
+$100/mo- Down payment
- $30,091
- Funds due
- $42,454
- Interest + MI left
- $558,511
- First ends
- Jul 2055
New loan
New conventional
$3,287/mo
Lowest payment- Down payment
- $44,800
- Funds due
- $54,946
- Interest + MI left
- $589,545
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $417,909 | $403,200 |
| Second mortgage | — | — |
| First P&I | $2,717.18 | $2,731.42 |
| Second P&I | — | — |
| Mortgage insurance | $194.60 | $80.64 |
| Taxes, insurance & HOA | $475.17 | $475.17 |
| Total housing payment | $3,386.94 | $3,287.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,091
Closing costs & prepaids$12,363
Usable credit−$0
Total buyer cash needed$42,454
Earnest money paid−$0
Remaining funds due$42,454
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,480.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$537.50
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$682.16
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 7 moOf the original 30-year loan at 6.62%
Interest already paid$39,529Through Dec 2026
Assumption only · ends Jul 2055$558,511
New conventional · ends Jan 2057$589,545