Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,746/mo
+$148/mo- Down payment
- $30,311
- Funds due
- $43,190
- Interest + MI left
- $549,874
- First ends
- Jul 2053
New loan
New conventional
$3,598/mo
Lowest payment- Down payment
- $49,600
- Funds due
- $60,221
- Interest + MI left
- $652,711
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $465,689 | $446,400 |
| Second mortgage | — | — |
| First P&I | $3,038.04 | $3,024.07 |
| Second P&I | — | — |
| Mortgage insurance | $222.84 | $89.28 |
| Taxes, insurance & HOA | $485.08 | $485.08 |
| Total housing payment | $3,745.97 | $3,598.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,311
Closing costs & prepaids$12,879
Usable credit−$0
Total buyer cash needed$43,190
Earnest money paid−$0
Remaining funds due$43,190
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,960.00
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)$595.25
Initial HOA (3 months)$360.00
Prepaid interest, first (6 days)$489.16
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 7 moOf the original 30-year loan at 6.39%
Interest already paid$104,047Through Dec 2026
Assumption only · ends Jul 2053$549,874
New conventional · ends Jan 2057$652,711