Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,604/mo
Lowest payment- Down payment
- $44,968
- Funds due
- $58,011
- Interest + MI left
- $537,043
- First ends
- Nov 2055
New loan
New conventional
$3,632/mo
+$28/mo- Down payment
- $44,999
- Funds due
- $55,819
- Interest + MI left
- $585,270
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $405,022 | $404,991 |
| Second mortgage | — | — |
| First P&I | $2,591.48 | $2,724.40 |
| Second P&I | — | — |
| Mortgage insurance | $185.64 | $81.00 |
| Taxes, insurance & HOA | $826.50 | $826.50 |
| Total housing payment | $3,603.61 | $3,631.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,968
Closing costs & prepaids$13,043
Usable credit−$0
Total buyer cash needed$58,011
Earnest money paid−$0
Remaining funds due$58,011
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.90
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,147.50
Initial HOA (3 months)$882.00
Prepaid interest, first (4 days)$288.51
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 11 moOf the original 30-year loan at 6.5%
Interest already paid$28,711Through Dec 2026
Assumption only · ends Nov 2055$537,043
New conventional · ends Jan 2057$585,270