Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,158/mo
+$543/mo- Down payment
- $0
- Funds due
- $13,245
- Interest + MI left
- $636,038
- First ends
- Sep 2053
New loan
New conventional
$3,615/mo
Lowest payment- Down payment
- $50,000
- Funds due
- $60,902
- Interest + MI left
- $657,973
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $518,576 | $449,999 |
| Second mortgage | — | — |
| First P&I | $3,434.42 | $3,048.45 |
| Second P&I | — | — |
| Mortgage insurance | $247.24 | $90.00 |
| Taxes, insurance & HOA | $476.67 | $476.67 |
| Total housing payment | $4,158.32 | $3,615.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,245
Usable credit−$0
Total buyer cash needed$13,245
Earnest money paid−$0
Remaining funds due$13,245
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.99
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)$600.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$840.09
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 9 moOf the original 30-year loan at 6.57%
Interest already paid$113,091Through Dec 2026
Assumption only · ends Sep 2053$636,038
New conventional · ends Jan 2057$657,973