Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,887/mo
+$135/mo- Down payment
- $31,663
- Funds due
- $44,183
- Interest + MI left
- $682,870
- First ends
- Aug 2055
New loan
New conventional
$3,752/mo
Lowest payment- Down payment
- $52,000
- Funds due
- $62,204
- Interest + MI left
- $709,753
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $488,337 | $468,000 |
| Second mortgage | — | — |
| First P&I | $3,242.62 | $3,240.34 |
| Second P&I | — | — |
| Mortgage insurance | $226.81 | $93.60 |
| Taxes, insurance & HOA | $417.92 | $417.92 |
| Total housing payment | $3,887.35 | $3,751.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,663
Closing costs & prepaids$12,520
Usable credit−$0
Total buyer cash needed$44,183
Earnest money paid−$0
Remaining funds due$44,183
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,200.00
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)$156.75
Initial HOA (3 months)$597.00
Prepaid interest, first (1 days)$91.65
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 9 moOf the original 30-year loan at 6.850%
Interest already paid$42,116Through Nov 2026
Assumption only · ends Aug 2055$682,870
New conventional · ends Dec 2056$709,753