Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,393/mo
+$996/mo- Down payment
- $0
- Funds due
- $12,780
- Interest + MI left
- $718,792
- First ends
- Dec 2053
New loan
New conventional
$3,396/mo
Lowest payment- Down payment
- $46,500
- Funds due
- $56,869
- Interest + MI left
- $611,916
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $523,233 | $418,500 |
| Second mortgage | — | — |
| First P&I | $3,667.37 | $2,835.06 |
| Second P&I | — | — |
| Mortgage insurance | $247.63 | $83.70 |
| Taxes, insurance & HOA | $477.67 | $477.67 |
| Total housing payment | $4,392.67 | $3,396.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,780
Usable credit−$0
Total buyer cash needed$12,780
Earnest money paid−$0
Remaining funds due$12,780
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$558.00
Initial HOA (3 months)$375.00
Prepaid interest, first (7 days)$722.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing27 yrOf the original 30-year loan at 7.2%
Interest already paid$114,977Through Dec 2026
Assumption only · ends Dec 2053$718,792
New conventional · ends Jan 2057$611,916