Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,609/mo
+$70/mo- Down payment
- $55,741
- Funds due
- $72,628
- Interest + MI left
- $672,587
- First ends
- Dec 2052
New loan
New conventional
$5,539/mo
Lowest payment- Down payment
- $63,900
- Funds due
- $78,386
- Interest + MI left
- $872,178
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $583,259 | $575,100 |
| Second mortgage | — | — |
| First P&I | $3,730.84 | $3,981.88 |
| Second P&I | — | — |
| Mortgage insurance | $435.63 | $115.02 |
| Taxes, insurance & HOA | $1,442.17 | $1,442.17 |
| Total housing payment | $5,608.63 | $5,539.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,741
Closing costs & prepaids$16,887
Usable credit−$0
Total buyer cash needed$72,628
Earnest money paid−$0
Remaining funds due$72,628
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,390.00
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)$1,597.50
Initial HOA (3 months)$2,229.00
Prepaid interest, first (2 days)$195.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing26 yr 1 moOf the original 30-year loan at 6.110%
Interest already paid$143,608Through Nov 2026
Assumption only · ends Dec 2052$672,587
New conventional · ends Dec 2056$872,178