Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,808/mo
+$303/mo- Down payment
- $15,571
- Funds due
- $28,165
- Interest + MI left
- $584,615
- First ends
- Jun 2053
New loan
New conventional
$3,504/mo
Lowest payment- Down payment
- $49,990
- Funds due
- $60,295
- Interest + MI left
- $657,843
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $484,329 | $449,910 |
| Second mortgage | — | — |
| First P&I | $3,209.50 | $3,047.85 |
| Second P&I | — | — |
| Mortgage insurance | $231.77 | $89.98 |
| Taxes, insurance & HOA | $366.67 | $366.67 |
| Total housing payment | $3,807.94 | $3,504.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,571
Closing costs & prepaids$12,595
Usable credit−$0
Total buyer cash needed$28,165
Earnest money paid−$0
Remaining funds due$28,165
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$600.00
Prepaid interest, first (6 days)$520.69
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 6 moOf the original 30-year loan at 6.54%
Interest already paid$113,457Through Dec 2026
Assumption only · ends Jun 2053$584,615
New conventional · ends Jan 2057$657,843