Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,377/mo
+$220/mo- Down payment
- $31,380
- Funds due
- $45,371
- Interest + MI left
- $720,669
- First ends
- Jun 2055
New loan
New conventional
$4,157/mo
Lowest payment- Down payment
- $55,990
- Funds due
- $67,627
- Interest + MI left
- $736,800
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $528,520 | $503,910 |
| Second mortgage | — | — |
| First P&I | $3,488.10 | $3,413.66 |
| Second P&I | — | — |
| Mortgage insurance | $246.24 | $100.78 |
| Taxes, insurance & HOA | $642.58 | $642.58 |
| Total housing payment | $4,376.92 | $4,157.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,380
Closing costs & prepaids$13,991
Usable credit−$0
Total buyer cash needed$45,371
Earnest money paid−$0
Remaining funds due$45,371
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,599.00
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)$1,427.75
Prepaid interest, first (5 days)$489.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6.76%
Interest already paid$54,066Through Dec 2026
Assumption only · ends Jun 2055$720,669
New conventional · ends Jan 2057$736,800