Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,903/mo
+$56/mo- Down payment
- $15,217
- Funds due
- $28,463
- Interest + MI left
- $670,078
- First ends
- Jun 2056
New loan
New conventional
$3,847/mo
Lowest payment- Down payment
- $54,374
- Funds due
- $65,323
- Interest + MI left
- $715,534
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $528,523 | $489,366 |
| Second mortgage | — | — |
| First P&I | $3,225.34 | $3,315.14 |
| Second P&I | — | — |
| Mortgage insurance | $243.68 | $97.87 |
| Taxes, insurance & HOA | $434.17 | $434.17 |
| Total housing payment | $3,903.19 | $3,847.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,217
Closing costs & prepaids$13,246
Usable credit−$0
Total buyer cash needed$28,463
Earnest money paid−$0
Remaining funds due$28,463
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,437.40
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)$652.50
Initial HOA (3 months)$150.00
Prepaid interest, first (6 days)$530.84
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 closing29 yr 6 moOf the original 30-year loan at 6.11%
Interest already paid$16,203Through Dec 2026
Assumption only · ends Jun 2056$670,078
New conventional · ends Jan 2057$715,534