Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,890/mo
+$217/mo- Down payment
- $24,415
- Funds due
- $37,293
- Interest + MI left
- $579,521
- First ends
- Mar 2053
New loan
New conventional
$3,672/mo
Lowest payment- Down payment
- $52,500
- Funds due
- $63,088
- Interest + MI left
- $690,873
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $500,585 | $472,500 |
| Second mortgage | — | — |
| First P&I | $3,272.09 | $3,200.88 |
| Second P&I | — | — |
| Mortgage insurance | $240.77 | $94.50 |
| Taxes, insurance & HOA | $376.67 | $376.67 |
| Total housing payment | $3,889.53 | $3,672.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,415
Closing costs & prepaids$12,878
Usable credit−$0
Total buyer cash needed$37,293
Earnest money paid−$0
Remaining funds due$37,293
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$630.00
Prepaid interest, first (6 days)$523.35
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 3 moOf the original 30-year loan at 6.36%
Interest already paid$122,520Through Dec 2026
Assumption only · ends Mar 2053$579,521
New conventional · ends Jan 2057$690,873