Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,981/mo
+$236/mo- Down payment
- $22,487
- Funds due
- $35,546
- Interest + MI left
- $606,788
- First ends
- Aug 2053
New loan
New conventional
$3,745/mo
Lowest payment- Down payment
- $53,100
- Funds due
- $63,854
- Interest + MI left
- $698,769
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $508,513 | $477,900 |
| Second mortgage | — | — |
| First P&I | $3,326.35 | $3,237.46 |
| Second P&I | — | — |
| Mortgage insurance | $242.97 | $95.58 |
| Taxes, insurance & HOA | $412.08 | $412.08 |
| Total housing payment | $3,981.41 | $3,745.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,487
Closing costs & prepaids$13,059
Usable credit−$0
Total buyer cash needed$35,546
Earnest money paid−$0
Remaining funds due$35,546
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,310.00
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)$637.25
Initial HOA (3 months)$99.00
Prepaid interest, first (6 days)$537.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 8 moOf the original 30-year loan at 6.43%
Interest already paid$111,447Through Dec 2026
Assumption only · ends Aug 2053$606,788
New conventional · ends Jan 2057$698,769