Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,959/mo
Lowest payment- Down payment
- $41,805
- Funds due
- $54,942
- Interest + MI left
- $675,083
- First ends
- Dec 2055
New loan
New conventional
$4,066/mo
+$107/mo- Down payment
- $56,500
- Funds due
- $67,297
- 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 | $523,195 | $508,500 |
| Second mortgage | — | — |
| First P&I | $3,273.17 | $3,520.75 |
| Second P&I | — | — |
| Mortgage insurance | $242.37 | $101.70 |
| Taxes, insurance & HOA | $443.75 | $443.75 |
| Total housing payment | $3,959.29 | $4,066.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,805
Closing costs & prepaids$13,137
Usable credit−$0
Total buyer cash needed$54,942
Earnest money paid−$0
Remaining funds due$54,942
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)$348.25
Initial HOA (3 months)$483.00
Prepaid interest, first (2 days)$180.61
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 1 moOf the original 30-year loan at 6.300%
Interest already paid$30,393Through Nov 2026
Assumption only · ends Dec 2055$675,083
New conventional · ends Dec 2056$771,174