Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,202/mo
+$85/mo- Down payment
- $43,575
- Funds due
- $57,662
- Interest + MI left
- $726,622
- First ends
- Nov 2055
New loan
New conventional
$4,117/mo
Lowest payment- Down payment
- $57,900
- Funds due
- $69,655
- Interest + MI left
- $761,934
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $535,425 | $521,100 |
| Second mortgage | — | — |
| First P&I | $3,471.28 | $3,530.11 |
| Second P&I | — | — |
| Mortgage insurance | $248.35 | $104.22 |
| Taxes, insurance & HOA | $482.25 | $482.25 |
| Total housing payment | $4,201.87 | $4,116.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,575
Closing costs & prepaids$14,087
Usable credit−$0
Total buyer cash needed$57,662
Earnest money paid−$0
Remaining funds due$57,662
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,790.00
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)$694.75
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$875.31
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 11 moOf the original 30-year loan at 6.63%
Interest already paid$38,708Through Dec 2026
Assumption only · ends Nov 2055$726,622
New conventional · ends Jan 2057$761,934