Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,072/mo
+$328/mo- Down payment
- $34,116
- Funds due
- $47,173
- Interest + MI left
- $611,545
- First ends
- Feb 2053
New loan
New conventional
$3,744/mo
Lowest payment- Down payment
- $52,997
- Funds due
- $63,758
- Interest + MI left
- $697,418
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $495,857 | $476,976 |
| Second mortgage | — | — |
| First P&I | $3,285.86 | $3,231.20 |
| Second P&I | — | — |
| Mortgage insurance | $368.62 | $95.40 |
| Taxes, insurance & HOA | $417.67 | $417.67 |
| Total housing payment | $4,072.14 | $3,744.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,116
Closing costs & prepaids$13,057
Usable credit−$0
Total buyer cash needed$47,173
Earnest money paid−$0
Remaining funds due$47,173
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,299.73
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)$636.00
Initial HOA (3 months)$117.00
Prepaid interest, first (6 days)$529.00
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 2 moOf the original 30-year loan at 6.49%
Interest already paid$126,606Through Dec 2026
Assumption only · ends Feb 2053$611,545
New conventional · ends Jan 2057$697,418