Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,472/mo
+$178/mo- Down payment
- $25,197
- Funds due
- $39,371
- Interest + MI left
- $762,781
- First ends
- Nov 2055
New loan
New conventional
$4,294/mo
Lowest payment- Down payment
- $59,990
- Funds due
- $71,787
- Interest + MI left
- $789,438
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $574,703 | $539,910 |
| Second mortgage | — | — |
| First P&I | $3,677.16 | $3,657.54 |
| Second P&I | — | — |
| Mortgage insurance | $266.64 | $107.98 |
| Taxes, insurance & HOA | $528.67 | $528.67 |
| Total housing payment | $4,472.47 | $4,294.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,197
Closing costs & prepaids$14,174
Usable credit−$0
Total buyer cash needed$39,371
Earnest money paid−$0
Remaining funds due$39,371
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.00
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)$720.00
Initial HOA (3 months)$366.00
Prepaid interest, first (6 days)$614.07
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 11 moOf the original 30-year loan at 6.5%
Interest already paid$40,739Through Dec 2026
Assumption only · ends Nov 2055$762,781
New conventional · ends Jan 2057$789,438