Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,049/mo
+$128/mo- Down payment
- $24,860
- Funds due
- $37,868
- Interest + MI left
- $650,867
- First ends
- Jan 2055
New loan
New conventional
$3,921/mo
Lowest payment- Down payment
- $52,200
- Funds due
- $62,891
- Interest + MI left
- $712,483
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $497,140 | $469,800 |
| Second mortgage | — | — |
| First P&I | $3,242.06 | $3,252.80 |
| Second P&I | — | — |
| Mortgage insurance | $232.67 | $93.96 |
| Taxes, insurance & HOA | $574.42 | $574.42 |
| Total housing payment | $4,049.14 | $3,921.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,860
Closing costs & prepaids$13,008
Usable credit−$0
Total buyer cash needed$37,868
Earnest money paid−$0
Remaining funds due$37,868
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)$848.25
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$89.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.600%
Interest already paid$60,831Through Nov 2026
Assumption only · ends Jan 2055$650,867
New conventional · ends Dec 2056$712,483