Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,748/mo
+$334/mo- Down payment
- $8,778
- Funds due
- $21,521
- Interest + MI left
- $567,586
- First ends
- Jun 2053
New loan
New conventional
$3,413/mo
Lowest payment- Down payment
- $47,900
- Funds due
- $58,369
- Interest + MI left
- $630,340
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $470,222 | $431,100 |
| Second mortgage | — | — |
| First P&I | $3,116.02 | $2,920.42 |
| Second P&I | — | — |
| Mortgage insurance | $225.02 | $86.22 |
| Taxes, insurance & HOA | $406.58 | $406.58 |
| Total housing payment | $3,747.62 | $3,413.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,778
Closing costs & prepaids$12,743
Usable credit−$0
Total buyer cash needed$21,521
Earnest money paid−$0
Remaining funds due$21,521
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,790.00
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)$574.75
Initial HOA (3 months)$144.99
Prepaid interest, first (9 days)$758.28
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$110,152Through Dec 2026
Assumption only · ends Jun 2053$567,586
New conventional · ends Jan 2057$630,340