Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,728/mo
+$346/mo- Down payment
- $15,070
- Funds due
- $27,829
- Interest + MI left
- $533,225
- First ends
- Feb 2053
New loan
New conventional
$3,381/mo
Lowest payment- Down payment
- $45,900
- Funds due
- $56,438
- Interest + MI left
- $604,021
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $443,930 | $413,100 |
| Second mortgage | — | — |
| First P&I | $2,896.98 | $2,798.48 |
| Second P&I | — | — |
| Mortgage insurance | $330.48 | $82.62 |
| Taxes, insurance & HOA | $500.25 | $500.25 |
| Total housing payment | $3,727.71 | $3,381.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,070
Closing costs & prepaids$12,759
Usable credit−$0
Total buyer cash needed$27,829
Earnest money paid−$0
Remaining funds due$27,829
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,590.00
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)$550.75
Initial HOA (3 months)$450.00
Prepaid interest, first (9 days)$692.90
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 2 moOf the original 30-year loan at 6.33%
Interest already paid$110,635Through Dec 2026
Assumption only · ends Feb 2053$533,225
New conventional · ends Jan 2057$604,021