Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,031/mo
+$399/mo- Down payment
- $13,054
- Funds due
- $25,977
- Interest + MI left
- $636,660
- First ends
- Oct 2053
New loan
New conventional
$3,632/mo
Lowest payment- Down payment
- $51,000
- Funds due
- $61,599
- 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 | $496,946 | $459,000 |
| Second mortgage | — | — |
| First P&I | $3,364.04 | $3,109.43 |
| Second P&I | — | — |
| Mortgage insurance | $236.27 | $91.80 |
| Taxes, insurance & HOA | $430.67 | $430.67 |
| Total housing payment | $4,030.98 | $3,631.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,054
Closing costs & prepaids$12,923
Usable credit−$0
Total buyer cash needed$25,977
Earnest money paid−$0
Remaining funds due$25,977
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
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$556.31
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 10 moOf the original 30-year loan at 6.81%
Interest already paid$109,290Through Dec 2026
Assumption only · ends Oct 2053$636,660
New conventional · ends Jan 2057$671,134