Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,531/mo
+$214/mo- Down payment
- $11,370
- Funds due
- $23,110
- Interest + MI left
- $584,644
- First ends
- Jan 2055
New loan
New conventional
$3,317/mo
Lowest payment- Down payment
- $44,900
- Funds due
- $54,394
- Interest + MI left
- $612,845
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $437,630 | $404,100 |
| Second mortgage | — | — |
| First P&I | $2,888.13 | $2,797.91 |
| Second P&I | — | — |
| Mortgage insurance | $204.72 | $80.82 |
| Taxes, insurance & HOA | $438.00 | $438.00 |
| Total housing payment | $3,530.85 | $3,316.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,370
Closing costs & prepaids$11,740
Usable credit−$0
Total buyer cash needed$23,110
Earnest money paid−$0
Remaining funds due$23,110
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$513.00
Initial HOA (3 months)$351.00
Prepaid interest, first (2 days)$161.14
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 2 moOf the original 30-year loan at 6.720%
Interest already paid$54,509Through Nov 2026
Assumption only · ends Jan 2055$584,644
New conventional · ends Dec 2056$612,845