Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,546/mo
+$198/mo- Down payment
- $5,873
- Funds due
- $18,383
- Interest + MI left
- $556,155
- First ends
- Jul 2056
New loan
New conventional
$3,349/mo
Lowest payment- Down payment
- $41,400
- Funds due
- $51,695
- Interest + MI left
- $538,460
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $408,127 | $372,600 |
| Second mortgage | — | — |
| First P&I | $2,591.48 | $2,506.50 |
| Second P&I | — | — |
| Mortgage insurance | $187.06 | $74.52 |
| Taxes, insurance & HOA | $767.92 | $767.92 |
| Total housing payment | $3,546.45 | $3,348.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,873
Closing costs & prepaids$12,509
Usable credit−$0
Total buyer cash needed$18,383
Earnest money paid−$0
Remaining funds due$18,383
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,140.00
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)$1,055.75
Initial HOA (3 months)$798.00
Prepaid interest, first (4 days)$290.72
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 closing29 yr 7 moOf the original 30-year loan at 6.5%
Interest already paid$11,084Through Dec 2026
Assumption only · ends Jul 2056$556,155
New conventional · ends Jan 2057$538,460