Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,911/mo
+$542/mo- Down payment
- $0
- Funds due
- $12,793
- Interest + MI left
- $581,069
- First ends
- Aug 2053
New loan
New conventional
$3,369/mo
Lowest payment- Down payment
- $46,000
- Funds due
- $56,493
- Interest + MI left
- $605,335
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $490,328 | $413,999 |
| Second mortgage | — | — |
| First P&I | $3,194.97 | $2,804.57 |
| Second P&I | — | — |
| Mortgage insurance | $234.35 | $82.80 |
| Taxes, insurance & HOA | $481.67 | $481.67 |
| Total housing payment | $3,910.99 | $3,369.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,793
Usable credit−$0
Total buyer cash needed$12,793
Earnest money paid−$0
Remaining funds due$12,793
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,599.99
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)$552.00
Initial HOA (3 months)$393.00
Prepaid interest, first (9 days)$772.57
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 8 moOf the original 30-year loan at 6.39%
Interest already paid$106,810Through Dec 2026
Assumption only · ends Aug 2053$581,069
New conventional · ends Jan 2057$605,335