Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,235/mo
+$5/mo- Down payment
- $37,940
- Funds due
- $51,574
- Interest + MI left
- $692,453
- First ends
- Jul 2055
New loan
New conventional
$4,230/mo
Lowest payment- Down payment
- $56,500
- Funds due
- $67,788
- Interest + MI left
- $771,174
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $527,060 | $508,500 |
| Second mortgage | — | — |
| First P&I | $3,382.34 | $3,520.75 |
| Second P&I | — | — |
| Mortgage insurance | $245.26 | $101.70 |
| Taxes, insurance & HOA | $607.25 | $607.25 |
| Total housing payment | $4,234.86 | $4,229.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,940
Closing costs & prepaids$13,634
Usable credit−$0
Total buyer cash needed$51,574
Earnest money paid−$0
Remaining funds due$51,574
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,650.00
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)$829.75
Initial HOA (3 months)$492.00
Prepaid interest, first (2 days)$187.72
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 8 moOf the original 30-year loan at 6.500%
Interest already paid$46,055Through Nov 2026
Assumption only · ends Jul 2055$692,453
New conventional · ends Dec 2056$771,174