Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,737/mo
+$21/mo- Down payment
- $38,918
- Funds due
- $51,328
- Interest + MI left
- $647,195
- First ends
- Jul 2055
New loan
New conventional
$3,716/mo
Lowest payment- Down payment
- $51,990
- Funds due
- $62,087
- Interest + MI left
- $709,617
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $480,982 | $467,910 |
| Second mortgage | — | — |
| First P&I | $3,130.49 | $3,239.71 |
| Second P&I | — | — |
| Mortgage insurance | $223.73 | $93.58 |
| Taxes, insurance & HOA | $382.83 | $382.83 |
| Total housing payment | $3,737.05 | $3,716.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,918
Closing costs & prepaids$12,410
Usable credit−$0
Total buyer cash needed$51,328
Earnest money paid−$0
Remaining funds due$51,328
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,199.00
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)$410.50
Initial HOA (3 months)$237.99
Prepaid interest, first (1 days)$87.50
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.640%
Interest already paid$42,924Through Nov 2026
Assumption only · ends Jul 2055$647,195
New conventional · ends Dec 2056$709,617