Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,077/mo
+$217/mo- Down payment
- $22,533
- Funds due
- $36,137
- Interest + MI left
- $604,570
- First ends
- Jul 2053
New loan
New conventional
$3,861/mo
Lowest payment- Down payment
- $53,900
- Funds due
- $65,217
- Interest + MI left
- $709,296
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $516,467 | $485,100 |
| Second mortgage | — | — |
| First P&I | $3,352.98 | $3,286.24 |
| Second P&I | — | — |
| Mortgage insurance | $247.24 | $97.02 |
| Taxes, insurance & HOA | $477.25 | $477.25 |
| Total housing payment | $4,077.47 | $3,860.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,533
Closing costs & prepaids$13,604
Usable credit−$0
Total buyer cash needed$36,137
Earnest money paid−$0
Remaining funds due$36,137
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,390.00
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)$646.75
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$807.39
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 7 moOf the original 30-year loan at 6.34%
Interest already paid$114,512Through Dec 2026
Assumption only · ends Jul 2053$604,570
New conventional · ends Jan 2057$709,296