Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,729/mo
+$27/mo- Down payment
- $48,669
- Funds due
- $61,856
- Interest + MI left
- $551,633
- First ends
- May 2053
New loan
New conventional
$3,702/mo
Lowest payment- Down payment
- $52,500
- Funds due
- $63,457
- Interest + MI left
- $690,873
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $476,331 | $472,500 |
| Second mortgage | — | — |
| First P&I | $3,093.93 | $3,200.88 |
| Second P&I | — | — |
| Mortgage insurance | $228.62 | $94.50 |
| Taxes, insurance & HOA | $406.67 | $406.67 |
| Total housing payment | $3,729.21 | $3,702.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,669
Closing costs & prepaids$13,187
Usable credit−$0
Total buyer cash needed$61,856
Earnest money paid−$0
Remaining funds due$61,856
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$630.00
Initial HOA (3 months)$90.00
Prepaid interest, first (9 days)$742.29
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 5 moOf the original 30-year loan at 6.32%
Interest already paid$110,572Through Dec 2026
Assumption only · ends May 2053$551,633
New conventional · ends Jan 2057$690,873