Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,777/mo
+$432/mo- Down payment
- $0
- Funds due
- $12,473
- Interest + MI left
- $589,620
- First ends
- Sep 2053
New loan
New conventional
$3,345/mo
Lowest payment- Down payment
- $46,900
- Funds due
- $57,081
- Interest + MI left
- $617,180
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $469,591 | $422,100 |
| Second mortgage | — | — |
| First P&I | $3,152.11 | $2,859.45 |
| Second P&I | — | — |
| Mortgage insurance | $223.66 | $84.42 |
| Taxes, insurance & HOA | $401.25 | $401.25 |
| Total housing payment | $3,777.02 | $3,345.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,473
Usable credit−$0
Total buyer cash needed$12,473
Earnest money paid−$0
Remaining funds due$12,473
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,690.00
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)$562.75
Initial HOA (3 months)$141.00
Prepaid interest, first (7 days)$604.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 9 moOf the original 30-year loan at 6.71%
Interest already paid$104,536Through Dec 2026
Assumption only · ends Sep 2053$589,620
New conventional · ends Jan 2057$617,180