Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,929/mo
+$306/mo- Down payment
- $0
- Funds due
- $13,373
- Interest + MI left
- $513,970
- First ends
- Apr 2053
New loan
New conventional
$3,623/mo
Lowest payment- Down payment
- $44,900
- Funds due
- $56,045
- Interest + MI left
- $590,861
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $449,333 | $404,100 |
| Second mortgage | — | — |
| First P&I | $2,908.05 | $2,737.51 |
| Second P&I | — | — |
| Mortgage insurance | $216.02 | $80.82 |
| Taxes, insurance & HOA | $804.58 | $804.58 |
| Total housing payment | $3,928.64 | $3,622.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,373
Usable credit−$0
Total buyer cash needed$13,373
Earnest money paid−$0
Remaining funds due$13,373
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$538.75
Initial HOA (3 months)$1,425.00
Prepaid interest, first (9 days)$694.68
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 4 moOf the original 30-year loan at 6.27%
Interest already paid$105,981Through Dec 2026
Assumption only · ends Apr 2053$513,970
New conventional · ends Jan 2057$590,861