Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,764/mo
+$106/mo- Down payment
- $32,274
- Funds due
- $45,277
- Interest + MI left
- $650,767
- First ends
- Nov 2055
New loan
New conventional
$3,658/mo
Lowest payment- Down payment
- $51,590
- Funds due
- $62,306
- Interest + MI left
- $678,898
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $483,626 | $464,310 |
| Second mortgage | — | — |
| First P&I | $3,119.64 | $3,145.40 |
| Second P&I | — | — |
| Mortgage insurance | $224.35 | $92.86 |
| Taxes, insurance & HOA | $419.67 | $419.67 |
| Total housing payment | $3,763.66 | $3,657.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,274
Closing costs & prepaids$13,003
Usable credit−$0
Total buyer cash needed$45,277
Earnest money paid−$0
Remaining funds due$45,277
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,159.00
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)$619.00
Initial HOA (3 months)$140.01
Prepaid interest, first (7 days)$610.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6.58%
Interest already paid$34,702Through Dec 2026
Assumption only · ends Nov 2055$650,767
New conventional · ends Jan 2057$678,898