Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,658/mo
+$276/mo- Down payment
- $22,041
- Funds due
- $36,420
- Interest + MI left
- $698,794
- First ends
- Jul 2053
New loan
New conventional
$4,382/mo
Lowest payment- Down payment
- $61,900
- Funds due
- $73,902
- Interest + MI left
- $814,572
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $596,959 | $557,100 |
| Second mortgage | — | — |
| First P&I | $3,875.55 | $3,773.99 |
| Second P&I | — | — |
| Mortgage insurance | $285.77 | $111.42 |
| Taxes, insurance & HOA | $496.25 | $496.25 |
| Total housing payment | $4,657.57 | $4,381.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,041
Closing costs & prepaids$14,380
Usable credit−$0
Total buyer cash needed$36,420
Earnest money paid−$0
Remaining funds due$36,420
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,190.00
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)$742.75
Initial HOA (3 months)$246.00
Prepaid interest, first (7 days)$725.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 7 moOf the original 30-year loan at 6.34%
Interest already paid$132,359Through Dec 2026
Assumption only · ends Jul 2053$698,794
New conventional · ends Jan 2057$814,572