Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,719/mo
+$588/mo- Down payment
- $0
- Funds due
- $11,966
- Interest + MI left
- $585,827
- First ends
- Nov 2053
New loan
New conventional
$3,131/mo
Lowest payment- Down payment
- $41,990
- Funds due
- $51,675
- Interest + MI left
- $552,567
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $433,424 | $377,910 |
| Second mortgage | — | — |
| First P&I | $3,018.23 | $2,560.09 |
| Second P&I | — | — |
| Mortgage insurance | $205.43 | $75.58 |
| Taxes, insurance & HOA | $495.00 | $495.00 |
| Total housing payment | $3,718.66 | $3,130.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,966
Usable credit−$0
Total buyer cash needed$11,966
Earnest money paid−$0
Remaining funds due$11,966
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.00
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)$504.00
Initial HOA (3 months)$531.00
Prepaid interest, first (6 days)$507.28
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 11 moOf the original 30-year loan at 7.12%
Interest already paid$96,878Through Dec 2026
Assumption only · ends Nov 2053$585,827
New conventional · ends Jan 2057$552,567