Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,983/mo
+$18/mo- Down payment
- $44,253
- Funds due
- $57,717
- Interest + MI left
- $639,962
- First ends
- Nov 2054
New loan
New conventional
$3,965/mo
Lowest payment- Down payment
- $55,990
- Funds due
- $67,151
- Interest + MI left
- $736,800
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $515,647 | $503,910 |
| Second mortgage | — | — |
| First P&I | $3,290.16 | $3,413.66 |
| Second P&I | — | — |
| Mortgage insurance | $242.35 | $100.78 |
| Taxes, insurance & HOA | $450.67 | $450.67 |
| Total housing payment | $3,983.18 | $3,965.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,253
Closing costs & prepaids$13,464
Usable credit−$0
Total buyer cash needed$57,717
Earnest money paid−$0
Remaining funds due$57,717
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,599.00
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)$672.00
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$538.25
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 closing27 yr 11 moOf the original 30-year loan at 6.35%
Interest already paid$69,137Through Dec 2026
Assumption only · ends Nov 2054$639,962
New conventional · ends Jan 2057$736,800