Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,121/mo
+$109/mo- Down payment
- $3,612
- Funds due
- $16,952
- Interest + MI left
- $610,155
- First ends
- Dec 2054
New loan
New conventional
$4,012/mo
Lowest payment- Down payment
- $51,500
- Funds due
- $62,534
- Interest + MI left
- $702,927
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $511,387 | $463,499 |
| Second mortgage | — | — |
| First P&I | $3,171.18 | $3,209.17 |
| Second P&I | — | — |
| Mortgage insurance | $240.10 | $92.70 |
| Taxes, insurance & HOA | $709.92 | $709.92 |
| Total housing payment | $4,121.19 | $4,011.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,612
Closing costs & prepaids$13,340
Usable credit−$0
Total buyer cash needed$16,952
Earnest money paid−$0
Remaining funds due$16,952
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,149.99
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)$729.75
Initial HOA (3 months)$900.00
Prepaid interest, first (1 days)$85.32
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 1 moOf the original 30-year loan at 6.090%
Interest already paid$60,465Through Nov 2026
Assumption only · ends Dec 2054$610,155
New conventional · ends Dec 2056$702,927