Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,053/mo
+$361/mo- Down payment
- $26,667
- Funds due
- $41,646
- Interest + MI left
- $770,506
- First ends
- Jun 2053
New loan
New conventional
$4,692/mo
Lowest payment- Down payment
- $66,500
- Funds due
- $79,037
- Interest + MI left
- $875,106
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $638,333 | $598,500 |
| Second mortgage | — | — |
| First P&I | $4,230.04 | $4,054.45 |
| Second P&I | — | — |
| Mortgage insurance | $305.46 | $119.70 |
| Taxes, insurance & HOA | $517.67 | $517.67 |
| Total housing payment | $5,053.17 | $4,691.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,667
Closing costs & prepaids$14,979
Usable credit−$0
Total buyer cash needed$41,646
Earnest money paid−$0
Remaining funds due$41,646
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,650.00
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)$798.00
Initial HOA (3 months)$255.00
Prepaid interest, first (7 days)$800.63
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 closing26 yr 6 moOf the original 30-year loan at 6.54%
Interest already paid$149,533Through Dec 2026
Assumption only · ends Jun 2053$770,506
New conventional · ends Jan 2057$875,106