Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,970/mo
+$132/mo- Down payment
- $37,494
- Funds due
- $50,935
- Interest + MI left
- $607,233
- First ends
- Aug 2053
New loan
New conventional
$3,838/mo
Lowest payment- Down payment
- $54,990
- Funds due
- $66,150
- Interest + MI left
- $723,640
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $512,406 | $494,910 |
| Second mortgage | — | — |
| First P&I | $3,338.83 | $3,352.69 |
| Second P&I | — | — |
| Mortgage insurance | $244.91 | $98.98 |
| Taxes, insurance & HOA | $386.67 | $386.67 |
| Total housing payment | $3,970.40 | $3,838.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,494
Closing costs & prepaids$13,441
Usable credit−$0
Total buyer cash needed$50,935
Earnest money paid−$0
Remaining funds due$50,935
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.00
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)$660.00
Prepaid interest, first (9 days)$807.36
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 8 moOf the original 30-year loan at 6.39%
Interest already paid$111,619Through Dec 2026
Assumption only · ends Aug 2053$607,233
New conventional · ends Jan 2057$723,640