Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,686/mo
+$284/mo- Down payment
- $9,771
- Funds due
- $22,569
- Interest + MI left
- $539,099
- First ends
- Jun 2053
New loan
New conventional
$3,402/mo
Lowest payment- Down payment
- $46,485
- Funds due
- $57,038
- Interest + MI left
- $611,719
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $455,079 | $418,365 |
| Second mortgage | — | — |
| First P&I | $2,983.90 | $2,834.15 |
| Second P&I | — | — |
| Mortgage insurance | $217.96 | $83.67 |
| Taxes, insurance & HOA | $484.58 | $484.58 |
| Total housing payment | $3,686.44 | $3,402.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,771
Closing costs & prepaids$12,799
Usable credit−$0
Total buyer cash needed$22,569
Earnest money paid−$0
Remaining funds due$22,569
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,648.50
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)$557.75
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$721.52
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing26 yr 6 moOf the original 30-year loan at 6.43%
Interest already paid$104,859Through Dec 2026
Assumption only · ends Jun 2053$539,099
New conventional · ends Jan 2057$611,719