Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,953/mo
+$374/mo- Down payment
- $0
- Funds due
- $13,202
- Interest + MI left
- $550,231
- First ends
- Jul 2053
New loan
New conventional
$3,580/mo
Lowest payment- Down payment
- $46,250
- Funds due
- $57,191
- Interest + MI left
- $608,626
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $470,047 | $416,250 |
| Second mortgage | — | — |
| First P&I | $3,051.62 | $2,819.82 |
| Second P&I | — | — |
| Mortgage insurance | $225.02 | $83.25 |
| Taxes, insurance & HOA | $676.67 | $676.67 |
| Total housing payment | $3,953.30 | $3,579.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,202
Usable credit−$0
Total buyer cash needed$13,202
Earnest money paid−$0
Remaining funds due$13,202
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,625.00
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)$555.00
Initial HOA (3 months)$975.00
Prepaid interest, first (7 days)$571.53
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$104,220Through Dec 2026
Assumption only · ends Jul 2053$550,231
New conventional · ends Jan 2057$608,626