Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,015/mo
+$666/mo- Down payment
- $0
- Funds due
- $12,385
- Interest + MI left
- $618,669
- First ends
- Jun 2053
New loan
New conventional
$3,348/mo
Lowest payment- Down payment
- $47,400
- Funds due
- $57,463
- Interest + MI left
- $623,760
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $512,542 | $426,600 |
| Second mortgage | — | — |
| First P&I | $3,396.46 | $2,889.94 |
| Second P&I | — | — |
| Mortgage insurance | $245.27 | $85.32 |
| Taxes, insurance & HOA | $372.92 | $372.92 |
| Total housing payment | $4,014.65 | $3,348.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,385
Usable credit−$0
Total buyer cash needed$12,385
Earnest money paid−$0
Remaining funds due$12,385
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,740.00
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)$568.75
Initial HOA (3 months)$50.01
Prepaid interest, first (6 days)$551.02
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$120,066Through Dec 2026
Assumption only · ends Jun 2053$618,669
New conventional · ends Jan 2057$623,760