Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,452/mo
+$148/mo- Down payment
- $31,596
- Funds due
- $43,983
- Interest + MI left
- $505,038
- First ends
- Jun 2053
New loan
New conventional
$3,304/mo
Lowest payment- Down payment
- $45,000
- Funds due
- $55,179
- Interest + MI left
- $592,177
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $418,404 | $405,000 |
| Second mortgage | — | — |
| First P&I | $2,772.63 | $2,743.61 |
| Second P&I | — | — |
| Mortgage insurance | $200.22 | $81.00 |
| Taxes, insurance & HOA | $479.00 | $479.00 |
| Total housing payment | $3,451.85 | $3,303.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,596
Closing costs & prepaids$12,387
Usable credit−$0
Total buyer cash needed$43,983
Earnest money paid−$0
Remaining funds due$43,983
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$447.00
Prepaid interest, first (9 days)$674.72
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 6.54%
Interest already paid$98,013Through Dec 2026
Assumption only · ends Jun 2053$505,038
New conventional · ends Jan 2057$592,177