Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,625/mo
+$38/mo- Down payment
- $15,597
- Funds due
- $28,483
- Interest + MI left
- $583,726
- First ends
- Apr 2056
New loan
New conventional
$3,587/mo
Lowest payment- Down payment
- $47,990
- Funds due
- $58,633
- Interest + MI left
- $631,524
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $464,303 | $431,910 |
| Second mortgage | — | — |
| First P&I | $2,836.21 | $2,925.91 |
| Second P&I | — | — |
| Mortgage insurance | $214.51 | $86.38 |
| Taxes, insurance & HOA | $574.58 | $574.58 |
| Total housing payment | $3,625.30 | $3,586.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,597
Closing costs & prepaids$12,886
Usable credit−$0
Total buyer cash needed$28,483
Earnest money paid−$0
Remaining funds due$28,483
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,799.00
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)$1,223.75
Prepaid interest, first (5 days)$387.98
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 closing29 yr 4 moOf the original 30-year loan at 6.1%
Interest already paid$18,967Through Dec 2026
Assumption only · ends Apr 2056$583,726
New conventional · ends Jan 2057$631,524