Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,094/mo
+$253/mo- Down payment
- $17,507
- Funds due
- $30,126
- Interest + MI left
- $739,485
- First ends
- Jul 2055
New loan
New conventional
$3,841/mo
Lowest payment- Down payment
- $54,990
- Funds due
- $65,261
- Interest + MI left
- $750,564
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $532,393 | $494,910 |
| Second mortgage | — | — |
| First P&I | $3,531.44 | $3,426.66 |
| Second P&I | — | — |
| Mortgage insurance | $247.52 | $98.98 |
| Taxes, insurance & HOA | $315.33 | $315.33 |
| Total housing payment | $4,094.29 | $3,840.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,507
Closing costs & prepaids$12,619
Usable credit−$0
Total buyer cash needed$30,126
Earnest money paid−$0
Remaining funds due$30,126
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.00
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)$446.00
Prepaid interest, first (2 days)$199.25
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 6.830%
Interest already paid$48,858Through Nov 2026
Assumption only · ends Jul 2055$739,485
New conventional · ends Dec 2056$750,564