Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,744/mo
+$133/mo- Down payment
- $24,232
- Funds due
- $36,786
- Interest + MI left
- $629,705
- First ends
- Sep 2055
New loan
New conventional
$3,611/mo
Lowest payment- Down payment
- $47,900
- Funds due
- $58,182
- Interest + MI left
- $653,792
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $454,768 | $431,100 |
| Second mortgage | — | — |
| First P&I | $2,992.95 | $2,984.85 |
| Second P&I | — | — |
| Mortgage insurance | $211.06 | $86.22 |
| Taxes, insurance & HOA | $540.25 | $540.25 |
| Total housing payment | $3,744.27 | $3,611.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,232
Closing costs & prepaids$12,554
Usable credit−$0
Total buyer cash needed$36,786
Earnest money paid−$0
Remaining funds due$36,786
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,790.00
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)$1,060.75
Initial HOA (3 months)$60.00
Prepaid interest, first (2 days)$168.70
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 closing28 yr 10 moOf the original 30-year loan at 6.770%
Interest already paid$36,165Through Nov 2026
Assumption only · ends Sep 2055$629,705
New conventional · ends Dec 2056$653,792