Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,392/mo
+$667/mo- Down payment
- $19,523
- Funds due
- $33,112
- Interest + MI left
- $735,114
- First ends
- Nov 2053
New loan
New conventional
$3,725/mo
Lowest payment- Down payment
- $51,000
- Funds due
- $62,149
- Interest + MI left
- $671,134
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $490,477 | $459,000 |
| Second mortgage | — | — |
| First P&I | $3,636.70 | $3,109.43 |
| Second P&I | — | — |
| Mortgage insurance | $231.54 | $91.80 |
| Taxes, insurance & HOA | $523.67 | $523.67 |
| Total housing payment | $4,391.91 | $3,724.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,523
Closing costs & prepaids$13,589
Usable credit−$0
Total buyer cash needed$33,112
Earnest money paid−$0
Remaining funds due$33,112
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,100.00
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)$612.00
Initial HOA (3 months)$459.00
Prepaid interest, first (9 days)$943.33
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 11 moOf the original 30-year loan at 7.8%
Interest already paid$119,847Through Dec 2026
Assumption only · ends Nov 2053$735,114
New conventional · ends Jan 2057$671,134