Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,751/mo
+$340/mo- Down payment
- $37,205
- Funds due
- $49,671
- Interest + MI left
- $574,744
- First ends
- Feb 2053
New loan
New conventional
$3,411/mo
Lowest payment- Down payment
- $47,990
- Funds due
- $58,190
- Interest + MI left
- $631,524
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $442,695 | $431,910 |
| Second mortgage | — | — |
| First P&I | $3,023.80 | $2,925.91 |
| Second P&I | — | — |
| Mortgage insurance | $328.21 | $86.38 |
| Taxes, insurance & HOA | $398.67 | $398.67 |
| Total housing payment | $3,750.67 | $3,410.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,205
Closing costs & prepaids$12,466
Usable credit−$0
Total buyer cash needed$49,671
Earnest money paid−$0
Remaining funds due$49,671
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,799.00
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
Initial HOA (3 months)$120.00
Prepaid interest, first (6 days)$495.58
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 2 moOf the original 30-year loan at 6.81%
Interest already paid$118,437Through Dec 2026
Assumption only · ends Feb 2053$574,744
New conventional · ends Jan 2057$631,524