Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,658/mo
+$1,958/mo- Down payment
- $0
- Funds due
- $10,010
- Interest + MI left
- $482,224
- First ends
- Mar 2053
New loan
New conventional
$1,699/mo
Lowest payment- Down payment
- $14,500
- Funds due
- $22,301
- Interest + MI left
- $190,813
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $391,170 | $130,500 |
| Second mortgage | — | — |
| First P&I | $2,591.48 | $884.05 |
| Second P&I | — | — |
| Mortgage insurance | $277.08 | $26.10 |
| Taxes, insurance & HOA | $789.00 | $789.00 |
| Total housing payment | $3,657.56 | $1,699.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,010
Usable credit−$0
Total buyer cash needed$10,010
Earnest money paid−$0
Remaining funds due$10,010
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,450.00
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)$174.00
Initial HOA (3 months)$1,743.00
Prepaid interest, first (6 days)$417.96
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 3 moOf the original 30-year loan at 6.5%
Interest already paid$97,786Through Dec 2026
Assumption only · ends Mar 2053$482,224
New conventional · ends Jan 2057$190,813