Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,339/mo
+$276/mo- Down payment
- $6,160
- Funds due
- $17,774
- Interest + MI left
- $505,751
- First ends
- Aug 2053
New loan
New conventional
$3,063/mo
Lowest payment- Down payment
- $43,000
- Funds due
- $52,393
- Interest + MI left
- $565,858
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $423,840 | $387,000 |
| Second mortgage | — | — |
| First P&I | $2,772.48 | $2,621.67 |
| Second P&I | — | — |
| Mortgage insurance | $202.51 | $77.40 |
| Taxes, insurance & HOA | $363.67 | $363.67 |
| Total housing payment | $3,338.66 | $3,062.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,160
Closing costs & prepaids$11,614
Usable credit−$0
Total buyer cash needed$17,774
Earnest money paid−$0
Remaining funds due$17,774
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$516.00
Initial HOA (3 months)$125.01
Prepaid interest, first (6 days)$447.99
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 8 moOf the original 30-year loan at 6.43%
Interest already paid$92,890Through Dec 2026
Assumption only · ends Aug 2053$505,751
New conventional · ends Jan 2057$565,858