Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,191/mo
+$573/mo- Down payment
- $20,118
- Funds due
- $33,429
- Interest + MI left
- $695,006
- First ends
- Nov 2053
New loan
New conventional
$3,618/mo
Lowest payment- Down payment
- $49,990
- Funds due
- $60,903
- Interest + MI left
- $657,843
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $479,782 | $449,910 |
| Second mortgage | — | — |
| First P&I | $3,483.60 | $3,047.85 |
| Second P&I | — | — |
| Mortgage insurance | $226.79 | $89.98 |
| Taxes, insurance & HOA | $480.67 | $480.67 |
| Total housing payment | $4,191.06 | $3,618.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,118
Closing costs & prepaids$13,312
Usable credit−$0
Total buyer cash needed$33,429
Earnest money paid−$0
Remaining funds due$33,429
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$600.00
Initial HOA (3 months)$342.00
Prepaid interest, first (9 days)$895.55
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 7.57%
Interest already paid$113,856Through Dec 2026
Assumption only · ends Nov 2053$695,006
New conventional · ends Jan 2057$657,843