Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,246/mo
+$7/mo- Down payment
- $43,064
- Funds due
- $56,602
- Interest + MI left
- $729,786
- First ends
- Nov 2055
New loan
New conventional
$4,238/mo
Lowest payment- Down payment
- $57,900
- Funds due
- $69,075
- Interest + MI left
- $790,283
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $535,936 | $521,100 |
| Second mortgage | — | — |
| First P&I | $3,471.28 | $3,607.99 |
| Second P&I | — | — |
| Mortgage insurance | $248.35 | $104.22 |
| Taxes, insurance & HOA | $526.00 | $526.00 |
| Total housing payment | $4,245.62 | $4,238.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,064
Closing costs & prepaids$13,538
Usable credit−$0
Total buyer cash needed$56,602
Earnest money paid−$0
Remaining funds due$56,602
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,790.00
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)$826.00
Initial HOA (3 months)$252.00
Prepaid interest, first (2 days)$194.70
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 closing29 yrOf the original 30-year loan at 6.630%
Interest already paid$35,747Through Nov 2026
Assumption only · ends Nov 2055$729,786
New conventional · ends Dec 2056$790,283