Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,267/mo
+$364/mo- Down payment
- $19,166
- Funds due
- $34,450
- Interest + MI left
- $904,705
- First ends
- Jun 2055
New loan
New conventional
$4,903/mo
Lowest payment- Down payment
- $69,500
- Funds due
- $82,289
- Interest + MI left
- $914,584
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $675,834 | $625,500 |
| Second mortgage | — | — |
| First P&I | $4,411.72 | $4,237.35 |
| Second P&I | — | — |
| Mortgage insurance | $314.98 | $125.10 |
| Taxes, insurance & HOA | $540.34 | $540.34 |
| Total housing payment | $5,267.04 | $4,902.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,166
Closing costs & prepaids$15,285
Usable credit−$0
Total buyer cash needed$34,450
Earnest money paid−$0
Remaining funds due$34,450
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,950.00
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)$834.00
Initial HOA (3 months)$287.01
Prepaid interest, first (6 days)$738.79
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 6 moOf the original 30-year loan at 6.65%
Interest already paid$68,023Through Dec 2026
Assumption only · ends Jun 2055$904,705
New conventional · ends Jan 2057$914,584