Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,149/mo
+$344/mo- Down payment
- $36,610
- Funds due
- $49,778
- Interest + MI left
- $681,595
- First ends
- Nov 2053
New loan
New conventional
$3,805/mo
Lowest payment- Down payment
- $54,490
- Funds due
- $65,302
- Interest + MI left
- $717,061
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $508,290 | $490,410 |
| Second mortgage | — | — |
| First P&I | $3,522.96 | $3,322.21 |
| Second P&I | — | — |
| Mortgage insurance | $240.99 | $98.08 |
| Taxes, insurance & HOA | $384.67 | $384.67 |
| Total housing payment | $4,148.62 | $3,804.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,610
Closing costs & prepaids$13,169
Usable credit−$0
Total buyer cash needed$49,778
Earnest money paid−$0
Remaining funds due$49,778
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,449.00
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)$654.00
Prepaid interest, first (6 days)$590.73
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 11 moOf the original 30-year loan at 7.07%
Interest already paid$112,833Through Dec 2026
Assumption only · ends Nov 2053$681,595
New conventional · ends Jan 2057$717,061