Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,856/mo
+$30/mo- Down payment
- $53,031
- Funds due
- $68,205
- Interest + MI left
- $784,327
- First ends
- Nov 2054
New loan
New conventional
$4,826/mo
Lowest payment- Down payment
- $68,500
- Funds due
- $81,269
- Interest + MI left
- $901,425
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $631,969 | $616,500 |
| Second mortgage | — | — |
| First P&I | $4,032.37 | $4,176.39 |
| Second P&I | — | — |
| Mortgage insurance | $297.02 | $123.30 |
| Taxes, insurance & HOA | $526.67 | $526.67 |
| Total housing payment | $4,856.05 | $4,826.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,031
Closing costs & prepaids$15,175
Usable credit−$0
Total buyer cash needed$68,205
Earnest money paid−$0
Remaining funds due$68,205
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,850.00
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)$822.00
Initial HOA (3 months)$258.00
Prepaid interest, first (7 days)$769.62
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 closing27 yr 11 moOf the original 30-year loan at 6.35%
Interest already paid$84,733Through Dec 2026
Assumption only · ends Nov 2054$784,327
New conventional · ends Jan 2057$901,425