Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,716/mo
+$144/mo- Down payment
- $31,094
- Funds due
- $43,780
- Interest + MI left
- $559,544
- First ends
- Jun 2053
New loan
New conventional
$3,572/mo
Lowest payment- Down payment
- $51,000
- Funds due
- $61,419
- Interest + MI left
- $671,134
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $478,906 | $459,000 |
| Second mortgage | — | — |
| First P&I | $3,115.92 | $3,109.43 |
| Second P&I | — | — |
| Mortgage insurance | $229.52 | $91.80 |
| Taxes, insurance & HOA | $370.67 | $370.67 |
| Total housing payment | $3,716.10 | $3,571.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,094
Closing costs & prepaids$12,687
Usable credit−$0
Total buyer cash needed$43,780
Earnest money paid−$0
Remaining funds due$43,780
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,100.00
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)$612.00
Prepaid interest, first (6 days)$499.90
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 6 moOf the original 30-year loan at 6.35%
Interest already paid$109,013Through Dec 2026
Assumption only · ends Jun 2053$559,544
New conventional · ends Jan 2057$671,134