Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,505/mo
+$40/mo- Down payment
- $27,982
- Funds due
- $42,421
- Interest + MI left
- $709,958
- First ends
- Mar 2056
New loan
New conventional
$4,464/mo
Lowest payment- Down payment
- $55,400
- Funds due
- $67,500
- Interest + MI left
- $756,159
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $526,017 | $498,599 |
| Second mortgage | — | — |
| First P&I | $3,349.47 | $3,452.20 |
| Second P&I | — | — |
| Mortgage insurance | $242.88 | $99.72 |
| Taxes, insurance & HOA | $912.33 | $912.33 |
| Total housing payment | $4,504.69 | $4,464.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,982
Closing costs & prepaids$14,439
Usable credit−$0
Total buyer cash needed$42,421
Earnest money paid−$0
Remaining funds due$42,421
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,539.99
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)$713.00
Initial HOA (3 months)$1,524.00
Prepaid interest, first (2 days)$187.35
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 yr 4 moOf the original 30-year loan at 6.500%
Interest already paid$22,890Through Nov 2026
Assumption only · ends Mar 2056$709,958
New conventional · ends Dec 2056$756,159