Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,442/mo
+$159/mo- Down payment
- $42,451
- Funds due
- $54,966
- Interest + MI left
- $533,104
- First ends
- Sep 2053
New loan
New conventional
$3,283/mo
Lowest payment- Down payment
- $45,400
- Funds due
- $55,684
- Interest + MI left
- $597,441
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $411,549 | $408,600 |
| Second mortgage | — | — |
| First P&I | $2,812.95 | $2,768.00 |
| Second P&I | — | — |
| Mortgage insurance | $195.76 | $81.72 |
| Taxes, insurance & HOA | $433.25 | $433.25 |
| Total housing payment | $3,441.96 | $3,282.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,451
Closing costs & prepaids$12,515
Usable credit−$0
Total buyer cash needed$54,966
Earnest money paid−$0
Remaining funds due$54,966
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,540.00
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)$544.75
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$700.20
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 9 moOf the original 30-year loan at 6.9%
Interest already paid$94,144Through Dec 2026
Assumption only · ends Sep 2053$533,104
New conventional · ends Jan 2057$597,441