Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,994/mo
+$148/mo- Down payment
- $51,518
- Funds due
- $65,089
- Interest + MI left
- $624,535
- First ends
- Oct 2053
New loan
New conventional
$3,846/mo
Lowest payment- Down payment
- $53,900
- Funds due
- $65,172
- Interest + MI left
- $709,296
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $487,482 | $485,100 |
| Second mortgage | — | — |
| First P&I | $3,299.97 | $3,286.24 |
| Second P&I | — | — |
| Mortgage insurance | $231.77 | $97.02 |
| Taxes, insurance & HOA | $462.25 | $462.25 |
| Total housing payment | $3,993.99 | $3,845.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,518
Closing costs & prepaids$13,570
Usable credit−$0
Total buyer cash needed$65,089
Earnest money paid−$0
Remaining funds due$65,089
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,390.00
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)$646.75
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$818.57
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 10 moOf the original 30-year loan at 6.81%
Interest already paid$107,209Through Dec 2026
Assumption only · ends Oct 2053$624,535
New conventional · ends Jan 2057$709,296