Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,238/mo
+$45/mo- Down payment
- $58,388
- Funds due
- $74,847
- Interest + MI left
- $846,222
- First ends
- Jan 2055
New loan
New conventional
$5,193/mo
Lowest payment- Down payment
- $72,500
- Funds due
- $86,498
- Interest + MI left
- $954,063
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $666,612 | $652,500 |
| Second mortgage | — | — |
| First P&I | $4,282.79 | $4,420.26 |
| Second P&I | — | — |
| Mortgage insurance | $312.51 | $130.50 |
| Taxes, insurance & HOA | $642.67 | $642.67 |
| Total housing payment | $5,237.96 | $5,193.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,388
Closing costs & prepaids$16,459
Usable credit−$0
Total buyer cash needed$74,847
Earnest money paid−$0
Remaining funds due$74,847
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$870.00
Initial HOA (3 months)$408.00
Prepaid interest, first (6 days)$705.70
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 1 moOf the original 30-year loan at 6.44%
Interest already paid$83,282Through Dec 2026
Assumption only · ends Jan 2055$846,222
New conventional · ends Jan 2057$954,063