Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,724/mo
+$264/mo- Down payment
- $183
- Funds due
- $14,615
- Interest + MI left
- $610,187
- First ends
- Jul 2052
New loan
New conventional
$4,460/mo
Lowest payment- Down payment
- $62,950
- Funds due
- $75,096
- Interest + MI left
- $828,390
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $629,317 | $566,550 |
| Second mortgage | — | — |
| First P&I | $3,737.14 | $3,838.01 |
| Second P&I | — | — |
| Mortgage insurance | $478.30 | $113.31 |
| Taxes, insurance & HOA | $508.50 | $508.50 |
| Total housing payment | $4,723.95 | $4,459.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$183
Closing costs & prepaids$14,432
Usable credit−$0
Total buyer cash needed$14,615
Earnest money paid−$0
Remaining funds due$14,615
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,295.00
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)$755.50
Initial HOA (3 months)$270.00
Prepaid interest, first (7 days)$636.04
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 closing25 yr 7 moOf the original 30-year loan at 5.27%
Interest already paid$152,132Through Dec 2026
Assumption only · ends Jul 2052$610,187
New conventional · ends Jan 2057$828,390