Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,385/mo
+$326/mo- Down payment
- $0
- Funds due
- $11,950
- Interest + MI left
- $496,545
- First ends
- Aug 2053
New loan
New conventional
$3,060/mo
Lowest payment- Down payment
- $41,500
- Funds due
- $51,236
- Interest + MI left
- $546,119
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $419,003 | $373,500 |
| Second mortgage | — | — |
| First P&I | $2,730.22 | $2,530.22 |
| Second P&I | — | — |
| Mortgage insurance | $200.26 | $74.70 |
| Taxes, insurance & HOA | $455.00 | $455.00 |
| Total housing payment | $3,385.48 | $3,059.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,950
Usable credit−$0
Total buyer cash needed$11,950
Earnest money paid−$0
Remaining funds due$11,950
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Initial HOA (3 months)$417.00
Prepaid interest, first (9 days)$660.19
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$91,273Through Dec 2026
Assumption only · ends Aug 2053$496,545
New conventional · ends Jan 2057$546,119