Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,116/mo
+$127/mo- Down payment
- $36,718
- Funds due
- $50,247
- Interest + MI left
- $714,495
- First ends
- Oct 2055
New loan
New conventional
$3,989/mo
Lowest payment- Down payment
- $56,500
- Funds due
- $67,688
- Interest + MI left
- $743,511
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $528,282 | $508,500 |
| Second mortgage | — | — |
| First P&I | $3,428.25 | $3,444.76 |
| Second P&I | — | — |
| Mortgage insurance | $245.27 | $101.70 |
| Taxes, insurance & HOA | $442.67 | $442.67 |
| Total housing payment | $4,116.19 | $3,989.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,718
Closing costs & prepaids$13,529
Usable credit−$0
Total buyer cash needed$50,247
Earnest money paid−$0
Remaining funds due$50,247
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,650.00
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)$678.00
Initial HOA (3 months)$150.00
Prepaid interest, first (6 days)$575.76
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 10 moOf the original 30-year loan at 6.63%
Interest already paid$41,150Through Dec 2026
Assumption only · ends Oct 2055$714,495
New conventional · ends Jan 2057$743,511