Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,231/mo
+$125/mo- Down payment
- $37,395
- Funds due
- $51,550
- Interest + MI left
- $681,376
- First ends
- Jan 2055
New loan
New conventional
$4,106/mo
Lowest payment- Down payment
- $56,500
- Funds due
- $68,339
- Interest + MI left
- $743,511
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $527,605 | $508,500 |
| Second mortgage | — | — |
| First P&I | $3,423.75 | $3,444.76 |
| Second P&I | — | — |
| Mortgage insurance | $247.24 | $101.70 |
| Taxes, insurance & HOA | $559.67 | $559.67 |
| Total housing payment | $4,230.65 | $4,106.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,395
Closing costs & prepaids$14,155
Usable credit−$0
Total buyer cash needed$51,550
Earnest money paid−$0
Remaining funds due$51,550
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)$678.00
Initial HOA (3 months)$501.00
Prepaid interest, first (9 days)$850.82
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 1 moOf the original 30-year loan at 6.54%
Interest already paid$66,924Through Dec 2026
Assumption only · ends Jan 2055$681,376
New conventional · ends Jan 2057$743,511