Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,667/mo
+$195/mo- Down payment
- $19,833
- Funds due
- $32,342
- Interest + MI left
- $546,340
- First ends
- May 2053
New loan
New conventional
$3,471/mo
Lowest payment- Down payment
- $49,490
- Funds due
- $59,739
- Interest + MI left
- $651,263
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $475,067 | $445,410 |
| Second mortgage | — | — |
| First P&I | $3,073.77 | $3,017.36 |
| Second P&I | — | — |
| Mortgage insurance | $228.08 | $89.08 |
| Taxes, insurance & HOA | $364.67 | $364.67 |
| Total housing payment | $3,666.52 | $3,471.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,833
Closing costs & prepaids$12,508
Usable credit−$0
Total buyer cash needed$32,342
Earnest money paid−$0
Remaining funds due$32,342
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,949.00
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)$594.00
Prepaid interest, first (6 days)$490.42
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 5 moOf the original 30-year loan at 6.28%
Interest already paid$109,600Through Dec 2026
Assumption only · ends May 2053$546,340
New conventional · ends Jan 2057$651,263