Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,054/mo
Lowest payment- Down payment
- $54,118
- Funds due
- $67,144
- Interest + MI left
- $709,737
- First ends
- Apr 2055
New loan
New conventional
$4,132/mo
+$78/mo- Down payment
- $59,990
- Funds due
- $70,641
- Interest + MI left
- $818,810
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $545,782 | $539,910 |
| Second mortgage | — | — |
| First P&I | $3,513.09 | $3,738.23 |
| Second P&I | — | — |
| Mortgage insurance | $254.75 | $107.98 |
| Taxes, insurance & HOA | $285.92 | $285.92 |
| Total housing payment | $4,053.75 | $4,132.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,118
Closing costs & prepaids$13,026
Usable credit−$0
Total buyer cash needed$67,144
Earnest money paid−$0
Remaining funds due$67,144
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.00
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)$39.75
Initial HOA (3 months)$318.00
Prepaid interest, first (2 days)$194.39
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 5 moOf the original 30-year loan at 6.500%
Interest already paid$56,722Through Nov 2026
Assumption only · ends Apr 2055$709,737
New conventional · ends Dec 2056$818,810