Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,032/mo
+$134/mo- Down payment
- $17,754
- Funds due
- $30,445
- Interest + MI left
- $717,265
- First ends
- Sep 2055
New loan
New conventional
$3,898/mo
Lowest payment- Down payment
- $56,000
- Funds due
- $66,342
- Interest + MI left
- $764,350
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $542,246 | $504,000 |
| Second mortgage | — | — |
| First P&I | $3,472.90 | $3,489.59 |
| Second P&I | — | — |
| Mortgage insurance | $251.83 | $100.80 |
| Taxes, insurance & HOA | $307.58 | $307.58 |
| Total housing payment | $4,032.31 | $3,897.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,754
Closing costs & prepaids$12,691
Usable credit−$0
Total buyer cash needed$30,445
Earnest money paid−$0
Remaining funds due$30,445
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,600.00
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)$68.75
Initial HOA (3 months)$354.00
Prepaid interest, first (2 days)$193.13
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 6.500%
Interest already paid$41,416Through Nov 2026
Assumption only · ends Sep 2055$717,265
New conventional · ends Dec 2056$764,350