Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,779/mo
+$317/mo- Down payment
- $45,104
- Funds due
- $59,412
- Interest + MI left
- $724,358
- First ends
- Mar 2053
New loan
New conventional
$4,462/mo
Lowest payment- Down payment
- $64,300
- Funds due
- $76,223
- Interest + MI left
- $846,155
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $597,896 | $578,700 |
| Second mortgage | — | — |
| First P&I | $3,908.17 | $3,920.32 |
| Second P&I | — | — |
| Mortgage insurance | $444.43 | $115.74 |
| Taxes, insurance & HOA | $425.91 | $425.91 |
| Total housing payment | $4,778.51 | $4,461.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,104
Closing costs & prepaids$14,308
Usable credit−$0
Total buyer cash needed$59,412
Earnest money paid−$0
Remaining funds due$59,412
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,430.00
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)$771.50
Initial HOA (3 months)$6.24
Prepaid interest, first (6 days)$625.09
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 3 moOf the original 30-year loan at 6.36%
Interest already paid$146,337Through Dec 2026
Assumption only · ends Mar 2053$724,358
New conventional · ends Jan 2057$846,155