Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,641/mo
+$269/mo- Down payment
- $33,899
- Funds due
- $46,260
- Interest + MI left
- $581,358
- First ends
- Aug 2053
New loan
New conventional
$3,372/mo
Lowest payment- Down payment
- $48,000
- Funds due
- $58,081
- Interest + MI left
- $631,655
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $446,101 | $432,000 |
| Second mortgage | — | — |
| First P&I | $3,069.76 | $2,926.52 |
| Second P&I | — | — |
| Mortgage insurance | $212.34 | $86.40 |
| Taxes, insurance & HOA | $358.67 | $358.67 |
| Total housing payment | $3,640.76 | $3,371.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,899
Closing costs & prepaids$12,361
Usable credit−$0
Total buyer cash needed$46,260
Earnest money paid−$0
Remaining funds due$46,260
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$576.00
Prepaid interest, first (6 days)$510.39
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 8 moOf the original 30-year loan at 6.96%
Interest already paid$105,614Through Dec 2026
Assumption only · ends Aug 2053$581,358
New conventional · ends Jan 2057$631,655