Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,748/mo
+$251/mo- Down payment
- $29,281
- Funds due
- $42,271
- Interest + MI left
- $576,027
- First ends
- Oct 2053
New loan
New conventional
$3,496/mo
Lowest payment- Down payment
- $47,890
- Funds due
- $58,609
- Interest + MI left
- $630,208
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $449,619 | $431,010 |
| Second mortgage | — | — |
| First P&I | $3,043.66 | $2,919.81 |
| Second P&I | — | — |
| Mortgage insurance | $213.76 | $86.20 |
| Taxes, insurance & HOA | $490.25 | $490.25 |
| Total housing payment | $3,747.68 | $3,496.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,281
Closing costs & prepaids$12,990
Usable credit−$0
Total buyer cash needed$42,271
Earnest money paid−$0
Remaining funds due$42,271
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,789.00
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)$396.00
Prepaid interest, first (9 days)$754.99
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 10 moOf the original 30-year loan at 6.81%
Interest already paid$98,882Through Dec 2026
Assumption only · ends Oct 2053$576,027
New conventional · ends Jan 2057$630,208