Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,627/mo
+$140/mo- Down payment
- $21,510
- Funds due
- $34,333
- Interest + MI left
- $521,665
- First ends
- Apr 2053
New loan
New conventional
$3,487/mo
Lowest payment- Down payment
- $48,900
- Funds due
- $59,507
- Interest + MI left
- $643,499
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $467,490 | $440,100 |
| Second mortgage | — | — |
| First P&I | $2,984.61 | $2,981.39 |
| Second P&I | — | — |
| Mortgage insurance | $225.02 | $88.02 |
| Taxes, insurance & HOA | $417.25 | $417.25 |
| Total housing payment | $3,626.87 | $3,486.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,510
Closing costs & prepaids$12,823
Usable credit−$0
Total buyer cash needed$34,333
Earnest money paid−$0
Remaining funds due$34,333
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,890.00
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)$586.75
Initial HOA (3 months)$165.00
Prepaid interest, first (9 days)$706.61
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 6.13%
Interest already paid$107,870Through Dec 2026
Assumption only · ends Apr 2053$521,665
New conventional · ends Jan 2057$643,499