Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,817/mo
+$152/mo- Down payment
- $9,868
- Funds due
- $22,812
- Interest + MI left
- $648,314
- First ends
- Jan 2056
New loan
New conventional
$3,665/mo
Lowest payment- Down payment
- $51,500
- Funds due
- $62,155
- Interest + MI left
- $677,714
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $505,132 | $463,500 |
| Second mortgage | — | — |
| First P&I | $3,150.38 | $3,139.91 |
| Second P&I | — | — |
| Mortgage insurance | $234.02 | $92.70 |
| Taxes, insurance & HOA | $432.67 | $432.67 |
| Total housing payment | $3,817.06 | $3,665.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,868
Closing costs & prepaids$12,944
Usable credit−$0
Total buyer cash needed$22,812
Earnest money paid−$0
Remaining funds due$22,812
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$618.00
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$520.63
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 1 moOf the original 30-year loan at 6.27%
Interest already paid$29,205Through Dec 2026
Assumption only · ends Jan 2056$648,314
New conventional · ends Jan 2057$677,714