Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,474/mo
Lowest payment- Down payment
- $50,441
- Funds due
- $65,262
- Interest + MI left
- $749,627
- First ends
- Apr 2056
New loan
New conventional
$4,658/mo
+$184/mo- Down payment
- $66,000
- Funds due
- $78,480
- Interest + MI left
- $868,526
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $609,559 | $594,000 |
| Second mortgage | — | — |
| First P&I | $3,676.69 | $4,023.96 |
| Second P&I | — | — |
| Mortgage insurance | $281.67 | $118.80 |
| Taxes, insurance & HOA | $515.67 | $515.67 |
| Total housing payment | $4,474.03 | $4,658.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,441
Closing costs & prepaids$14,821
Usable credit−$0
Total buyer cash needed$65,262
Earnest money paid−$0
Remaining funds due$65,262
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,600.00
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)$792.00
Initial HOA (3 months)$255.00
Prepaid interest, first (7 days)$699.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 4 moOf the original 30-year loan at 5.98%
Interest already paid$24,414Through Dec 2026
Assumption only · ends Apr 2056$749,627
New conventional · ends Jan 2057$868,526