Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,230/mo
+$246/mo- Down payment
- $32,157
- Funds due
- $45,664
- Interest + MI left
- $744,198
- First ends
- Jul 2055
New loan
New conventional
$3,984/mo
Lowest payment- Down payment
- $56,890
- Funds due
- $68,028
- Interest + MI left
- $748,643
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $536,743 | $512,010 |
| Second mortgage | — | — |
| First P&I | $3,567.18 | $3,468.53 |
| Second P&I | — | — |
| Mortgage insurance | $249.77 | $102.40 |
| Taxes, insurance & HOA | $413.00 | $413.00 |
| Total housing payment | $4,229.95 | $3,983.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,157
Closing costs & prepaids$13,507
Usable credit−$0
Total buyer cash needed$45,664
Earnest money paid−$0
Remaining funds due$45,664
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,689.00
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)$682.75
Initial HOA (3 months)$56.25
Prepaid interest, first (6 days)$603.50
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6.84%
Interest already paid$52,438Through Dec 2026
Assumption only · ends Jul 2055$744,198
New conventional · ends Jan 2057$748,643