Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,314/mo
+$232/mo- Down payment
- $23,352
- Funds due
- $35,182
- Interest + MI left
- $521,889
- First ends
- Sep 2053
New loan
New conventional
$3,081/mo
Lowest payment- Down payment
- $43,900
- Funds due
- $53,502
- Interest + MI left
- $577,702
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $415,648 | $395,100 |
| Second mortgage | — | — |
| First P&I | $2,790.02 | $2,676.55 |
| Second P&I | — | — |
| Mortgage insurance | $197.97 | $79.02 |
| Taxes, insurance & HOA | $325.58 | $325.58 |
| Total housing payment | $3,313.57 | $3,081.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,352
Closing costs & prepaids$11,829
Usable credit−$0
Total buyer cash needed$35,182
Earnest money paid−$0
Remaining funds due$35,182
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$526.75
Prepaid interest, first (9 days)$687.70
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$92,528Through Dec 2026
Assumption only · ends Sep 2053$521,889
New conventional · ends Jan 2057$577,702