Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,197/mo
+$52/mo- Down payment
- $52,709
- Funds due
- $65,793
- Interest + MI left
- $756,081
- First ends
- May 2055
New loan
New conventional
$4,145/mo
Lowest payment- Down payment
- $59,900
- Funds due
- $70,599
- Interest + MI left
- $817,581
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $546,291 | $539,100 |
| Second mortgage | — | — |
| First P&I | $3,637.67 | $3,732.62 |
| Second P&I | — | — |
| Mortgage insurance | $254.44 | $107.82 |
| Taxes, insurance & HOA | $304.75 | $304.75 |
| Total housing payment | $4,196.87 | $4,145.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,709
Closing costs & prepaids$13,084
Usable credit−$0
Total buyer cash needed$65,793
Earnest money paid−$0
Remaining funds due$65,793
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,990.00
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)$54.25
Initial HOA (3 months)$360.00
Prepaid interest, first (2 days)$205.05
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 6 moOf the original 30-year loan at 6.850%
Interest already paid$56,620Through Nov 2026
Assumption only · ends May 2055$756,081
New conventional · ends Dec 2056$817,581