Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,702/mo
+$50/mo- Down payment
- $41,404
- Funds due
- $54,554
- Interest + MI left
- $537,013
- First ends
- May 2053
New loan
New conventional
$3,652/mo
Lowest payment- Down payment
- $51,000
- Funds due
- $61,930
- 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 | $468,596 | $459,000 |
| Second mortgage | — | — |
| First P&I | $3,026.01 | $3,109.43 |
| Second P&I | — | — |
| Mortgage insurance | $225.02 | $91.80 |
| Taxes, insurance & HOA | $450.67 | $450.67 |
| Total housing payment | $3,701.70 | $3,651.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,404
Closing costs & prepaids$13,150
Usable credit−$0
Total buyer cash needed$54,554
Earnest money paid−$0
Remaining funds due$54,554
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)$240.00
Prepaid interest, first (9 days)$723.31
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 5 moOf the original 30-year loan at 6.26%
Interest already paid$107,772Through Dec 2026
Assumption only · ends May 2053$537,013
New conventional · ends Jan 2057$671,134