Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,752/mo
+$72/mo- Down payment
- $41,382
- Funds due
- $54,677
- Interest + MI left
- $548,112
- First ends
- Aug 2053
New loan
New conventional
$3,680/mo
Lowest payment- Down payment
- $50,390
- Funds due
- $61,455
- Interest + MI left
- $663,107
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $462,518 | $453,510 |
| Second mortgage | — | — |
| First P&I | $3,013.76 | $3,072.23 |
| Second P&I | — | — |
| Mortgage insurance | $221.06 | $90.70 |
| Taxes, insurance & HOA | $517.25 | $517.25 |
| Total housing payment | $3,752.07 | $3,680.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,382
Closing costs & prepaids$13,295
Usable credit−$0
Total buyer cash needed$54,677
Earnest money paid−$0
Remaining funds due$54,677
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,039.00
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)$604.75
Initial HOA (3 months)$447.00
Prepaid interest, first (9 days)$728.75
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$100,752Through Dec 2026
Assumption only · ends Aug 2053$548,112
New conventional · ends Jan 2057$663,107