Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,806/mo
+$661/mo- Down payment
- $0
- Funds due
- $12,482
- Interest + MI left
- $527,520
- First ends
- Oct 2053
New loan
New conventional
$3,145/mo
Lowest payment- Down payment
- $37,000
- Funds due
- $47,233
- Interest + MI left
- $486,901
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $411,756 | $333,000 |
| Second mortgage | — | — |
| First P&I | $2,787.36 | $2,255.86 |
| Second P&I | — | — |
| Mortgage insurance | $195.76 | $66.60 |
| Taxes, insurance & HOA | $823.00 | $823.00 |
| Total housing payment | $3,806.12 | $3,145.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,482
Usable credit−$0
Total buyer cash needed$12,482
Earnest money paid−$0
Remaining funds due$12,482
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$444.00
Initial HOA (3 months)$1,575.00
Prepaid interest, first (7 days)$537.77
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 10 moOf the original 30-year loan at 6.81%
Interest already paid$90,555Through Dec 2026
Assumption only · ends Oct 2053$527,520
New conventional · ends Jan 2057$486,901