Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,502/mo
+$68/mo- Down payment
- $24,175
- Funds due
- $36,726
- Interest + MI left
- $582,935
- First ends
- Nov 2055
New loan
New conventional
$3,433/mo
Lowest payment- Down payment
- $47,500
- Funds due
- $57,810
- Interest + MI left
- $625,076
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $450,825 | $427,500 |
| Second mortgage | — | — |
| First P&I | $2,840.67 | $2,896.03 |
| Second P&I | — | — |
| Mortgage insurance | $209.24 | $85.50 |
| Taxes, insurance & HOA | $451.67 | $451.67 |
| Total housing payment | $3,501.58 | $3,433.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,175
Closing costs & prepaids$12,551
Usable credit−$0
Total buyer cash needed$36,726
Earnest money paid−$0
Remaining funds due$36,726
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$570.00
Initial HOA (3 months)$285.00
Prepaid interest, first (6 days)$470.59
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 6.35%
Interest already paid$31,226Through Dec 2026
Assumption only · ends Nov 2055$582,935
New conventional · ends Jan 2057$625,076