Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,524/mo
+$220/mo- Down payment
- $41,392
- Funds due
- $55,517
- Interest + MI left
- $792,457
- First ends
- Jul 2055
New loan
New conventional
$4,304/mo
Lowest payment- Down payment
- $61,200
- Funds due
- $72,921
- Interest + MI left
- $805,361
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $570,608 | $550,800 |
| Second mortgage | — | — |
| First P&I | $3,796.00 | $3,731.31 |
| Second P&I | — | — |
| Mortgage insurance | $265.52 | $110.16 |
| Taxes, insurance & HOA | $462.50 | $462.50 |
| Total housing payment | $4,524.02 | $4,303.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,392
Closing costs & prepaids$14,125
Usable credit−$0
Total buyer cash needed$55,517
Earnest money paid−$0
Remaining funds due$55,517
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,120.00
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)$734.50
Initial HOA (3 months)$153.00
Prepaid interest, first (6 days)$642.52
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 6.85%
Interest already paid$55,827Through Dec 2026
Assumption only · ends Jul 2055$792,457
New conventional · ends Jan 2057$805,361