Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,715/mo
+$357/mo- Down payment
- $19,721
- Funds due
- $34,116
- Interest + MI left
- $824,103
- First ends
- Aug 2055
New loan
New conventional
$4,358/mo
Lowest payment- Down payment
- $61,500
- Funds due
- $73,465
- Interest + MI left
- $809,309
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $595,279 | $553,500 |
| Second mortgage | — | — |
| First P&I | $3,940.74 | $3,749.60 |
| Second P&I | — | — |
| Mortgage insurance | $276.77 | $110.70 |
| Taxes, insurance & HOA | $497.67 | $497.67 |
| Total housing payment | $4,715.17 | $4,357.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,721
Closing costs & prepaids$14,395
Usable credit−$0
Total buyer cash needed$34,116
Earnest money paid−$0
Remaining funds due$34,116
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,150.00
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)$738.00
Initial HOA (3 months)$255.00
Prepaid interest, first (7 days)$777.45
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 closing28 yr 8 moOf the original 30-year loan at 6.81%
Interest already paid$54,471Through Dec 2026
Assumption only · ends Aug 2055$824,103
New conventional · ends Jan 2057$809,309