Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,629/mo
+$179/mo- Down payment
- $12,226
- Funds due
- $25,058
- Interest + MI left
- $634,115
- First ends
- May 2056
New loan
New conventional
$3,450/mo
Lowest payment- Down payment
- $48,049
- Funds due
- $58,616
- Interest + MI left
- $632,300
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $468,264 | $432,441 |
| Second mortgage | — | — |
| First P&I | $2,978.90 | $2,929.51 |
| Second P&I | — | — |
| Mortgage insurance | $216.01 | $86.49 |
| Taxes, insurance & HOA | $433.83 | $433.83 |
| Total housing payment | $3,628.75 | $3,449.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,226
Closing costs & prepaids$12,832
Usable credit−$0
Total buyer cash needed$25,058
Earnest money paid−$0
Remaining funds due$25,058
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,804.90
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)$576.50
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$750.50
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 closing29 yr 5 moOf the original 30-year loan at 6.5%
Interest already paid$17,821Through Dec 2026
Assumption only · ends May 2056$634,115
New conventional · ends Jan 2057$632,300