Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,882/mo
+$230/mo- Down payment
- $22,226
- Funds due
- $34,675
- Interest + MI left
- $674,650
- First ends
- Apr 2055
New loan
New conventional
$3,652/mo
Lowest payment- Down payment
- $50,500
- Funds due
- $60,646
- Interest + MI left
- $689,280
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $482,774 | $454,500 |
| Second mortgage | — | — |
| First P&I | $3,243.21 | $3,146.87 |
| Second P&I | — | — |
| Mortgage insurance | $225.02 | $90.90 |
| Taxes, insurance & HOA | $413.75 | $413.75 |
| Total housing payment | $3,881.97 | $3,651.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,226
Closing costs & prepaids$12,450
Usable credit−$0
Total buyer cash needed$34,675
Earnest money paid−$0
Remaining funds due$34,675
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,050.00
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)$471.25
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$183.32
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 6.930%
Interest already paid$53,452Through Nov 2026
Assumption only · ends Apr 2055$674,650
New conventional · ends Dec 2056$689,280