Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,463/mo
+$325/mo- Down payment
- $2,067
- Funds due
- $14,223
- Interest + MI left
- $498,037
- First ends
- May 2053
New loan
New conventional
$3,138/mo
Lowest payment- Down payment
- $41,900
- Funds due
- $51,836
- Interest + MI left
- $551,383
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $416,933 | $377,100 |
| Second mortgage | — | — |
| First P&I | $2,755.55 | $2,554.61 |
| Second P&I | — | — |
| Mortgage insurance | $199.81 | $75.42 |
| Taxes, insurance & HOA | $507.58 | $507.58 |
| Total housing payment | $3,462.95 | $3,137.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,067
Closing costs & prepaids$12,156
Usable credit−$0
Total buyer cash needed$14,223
Earnest money paid−$0
Remaining funds due$14,223
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,190.00
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)$502.75
Initial HOA (3 months)$570.00
Prepaid interest, first (9 days)$668.23
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 5 moOf the original 30-year loan at 6.5%
Interest already paid$99,463Through Dec 2026
Assumption only · ends May 2053$498,037
New conventional · ends Jan 2057$551,383