Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,097/mo
+$231/mo- Down payment
- $40,252
- Funds due
- $53,585
- Interest + MI left
- $647,723
- First ends
- Nov 2053
New loan
New conventional
$3,866/mo
Lowest payment- Down payment
- $54,400
- Funds due
- $65,403
- Interest + MI left
- $715,876
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $503,748 | $489,600 |
| Second mortgage | — | — |
| First P&I | $3,406.38 | $3,316.72 |
| Second P&I | — | — |
| Mortgage insurance | $239.24 | $97.92 |
| Taxes, insurance & HOA | $451.25 | $451.25 |
| Total housing payment | $4,096.87 | $3,865.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,252
Closing costs & prepaids$13,333
Usable credit−$0
Total buyer cash needed$53,585
Earnest money paid−$0
Remaining funds due$53,585
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,440.00
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)$652.75
Initial HOA (3 months)$201.00
Prepaid interest, first (6 days)$563.92
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 11 moOf the original 30-year loan at 6.81%
Interest already paid$107,807Through Dec 2026
Assumption only · ends Nov 2053$647,723
New conventional · ends Jan 2057$715,876