Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,137/mo
+$186/mo- Down payment
- $36,142
- Funds due
- $50,056
- Interest + MI left
- $702,017
- First ends
- Sep 2055
New loan
New conventional
$3,951/mo
Lowest payment- Down payment
- $53,900
- Funds due
- $65,487
- Interest + MI left
- $709,296
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $502,858 | $485,100 |
| Second mortgage | — | — |
| First P&I | $3,335.73 | $3,286.24 |
| Second P&I | — | — |
| Mortgage insurance | $233.56 | $97.02 |
| Taxes, insurance & HOA | $567.25 | $567.25 |
| Total housing payment | $4,136.54 | $3,950.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,142
Closing costs & prepaids$13,915
Usable credit−$0
Total buyer cash needed$50,056
Earnest money paid−$0
Remaining funds due$50,056
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,390.00
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)$646.75
Initial HOA (3 months)$555.00
Prepaid interest, first (9 days)$848.11
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$43,305Through Dec 2026
Assumption only · ends Sep 2055$702,017
New conventional · ends Jan 2057$709,296