Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,135/mo
+$129/mo- Down payment
- $29,826
- Funds due
- $43,361
- Interest + MI left
- $716,950
- First ends
- Nov 2055
New loan
New conventional
$4,006/mo
Lowest payment- Down payment
- $57,000
- Funds due
- $68,193
- Interest + MI left
- $750,089
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $540,173 | $512,999 |
| Second mortgage | — | — |
| First P&I | $3,456.22 | $3,475.23 |
| Second P&I | — | — |
| Mortgage insurance | $250.62 | $102.60 |
| Taxes, insurance & HOA | $427.67 | $427.67 |
| Total housing payment | $4,134.51 | $4,005.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,826
Closing costs & prepaids$13,535
Usable credit−$0
Total buyer cash needed$43,361
Earnest money paid−$0
Remaining funds due$43,361
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,699.99
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)$684.00
Initial HOA (3 months)$99.00
Prepaid interest, first (6 days)$577.17
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 11 moOf the original 30-year loan at 6.5%
Interest already paid$38,292Through Dec 2026
Assumption only · ends Nov 2055$716,950
New conventional · ends Jan 2057$750,089