Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,374/mo
+$477/mo- Down payment
- $0
- Funds due
- $11,646
- Interest + MI left
- $494,974
- First ends
- Apr 2053
New loan
New conventional
$2,897/mo
Lowest payment- Down payment
- $39,500
- Funds due
- $48,913
- Interest + MI left
- $519,800
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $417,304 | $355,500 |
| Second mortgage | — | — |
| First P&I | $2,756.01 | $2,408.28 |
| Second P&I | — | — |
| Mortgage insurance | $200.26 | $71.10 |
| Taxes, insurance & HOA | $418.00 | $418.00 |
| Total housing payment | $3,374.27 | $2,897.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,646
Usable credit−$0
Total buyer cash needed$11,646
Earnest money paid−$0
Remaining funds due$11,646
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$666.77
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 4 moOf the original 30-year loan at 6.48%
Interest already paid$101,629Through Dec 2026
Assumption only · ends Apr 2053$494,974
New conventional · ends Jan 2057$519,800