Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,975/mo
+$198/mo- Down payment
- $25,368
- Funds due
- $38,872
- Interest + MI left
- $647,958
- First ends
- Jan 2055
New loan
New conventional
$3,777/mo
Lowest payment- Down payment
- $52,200
- Funds due
- $63,406
- Interest + MI left
- $686,925
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $496,632 | $469,800 |
| Second mortgage | — | — |
| First P&I | $3,242.06 | $3,182.59 |
| Second P&I | — | — |
| Mortgage insurance | $232.67 | $93.96 |
| Taxes, insurance & HOA | $500.50 | $500.50 |
| Total housing payment | $3,975.22 | $3,777.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,368
Closing costs & prepaids$13,505
Usable credit−$0
Total buyer cash needed$38,872
Earnest money paid−$0
Remaining funds due$38,872
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,220.00
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)$626.50
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$808.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 1 moOf the original 30-year loan at 6.6%
Interest already paid$63,565Through Dec 2026
Assumption only · ends Jan 2055$647,958
New conventional · ends Jan 2057$686,925