Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,472/mo
+$598/mo- Down payment
- $0
- Funds due
- $11,521
- Interest + MI left
- $551,668
- First ends
- Sep 2053
New loan
New conventional
$2,874/mo
Lowest payment- Down payment
- $40,800
- Funds due
- $50,037
- Interest + MI left
- $536,907
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $439,365 | $367,200 |
| Second mortgage | — | — |
| First P&I | $2,949.22 | $2,487.54 |
| Second P&I | — | — |
| Mortgage insurance | $209.26 | $73.44 |
| Taxes, insurance & HOA | $313.17 | $313.17 |
| Total housing payment | $3,471.65 | $2,874.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,521
Usable credit−$0
Total buyer cash needed$11,521
Earnest money paid−$0
Remaining funds due$11,521
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,080.00
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)$489.50
Prepaid interest, first (9 days)$726.94
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 6.71%
Interest already paid$97,807Through Dec 2026
Assumption only · ends Sep 2053$551,668
New conventional · ends Jan 2057$536,907