Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,262/mo
+$32/mo- Down payment
- $39,993
- Funds due
- $54,414
- Interest + MI left
- $593,838
- First ends
- Apr 2055
New loan
New conventional
$4,230/mo
Lowest payment- Down payment
- $47,700
- Funds due
- $59,856
- Interest + MI left
- $651,062
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $437,007 | $429,300 |
| Second mortgage | — | — |
| First P&I | $2,886.93 | $2,972.39 |
| Second P&I | — | — |
| Mortgage insurance | $203.80 | $85.86 |
| Taxes, insurance & HOA | $1,171.42 | $1,171.42 |
| Total housing payment | $4,262.14 | $4,229.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,993
Closing costs & prepaids$14,421
Usable credit−$0
Total buyer cash needed$54,414
Earnest money paid−$0
Remaining funds due$54,414
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,770.00
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)$2,264.25
Initial HOA (3 months)$750.00
Prepaid interest, first (2 days)$161.87
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 5 moOf the original 30-year loan at 6.760%
Interest already paid$47,212Through Nov 2026
Assumption only · ends Apr 2055$593,838
New conventional · ends Dec 2056$651,062