Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,283/mo
+$347/mo- Down payment
- $38,070
- Funds due
- $53,404
- Interest + MI left
- $824,361
- First ends
- Sep 2053
New loan
New conventional
$4,936/mo
Lowest payment- Down payment
- $69,900
- Funds due
- $82,753
- Interest + MI left
- $919,848
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $660,930 | $629,100 |
| Second mortgage | — | — |
| First P&I | $4,419.50 | $4,261.74 |
| Second P&I | — | — |
| Mortgage insurance | $314.88 | $125.82 |
| Taxes, insurance & HOA | $548.25 | $548.25 |
| Total housing payment | $5,282.63 | $4,935.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,070
Closing costs & prepaids$15,334
Usable credit−$0
Total buyer cash needed$53,404
Earnest money paid−$0
Remaining funds due$53,404
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,990.00
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)$838.75
Initial HOA (3 months)$306.00
Prepaid interest, first (6 days)$724.67
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 9 moOf the original 30-year loan at 6.67%
Interest already paid$146,275Through Dec 2026
Assumption only · ends Sep 2053$824,361
New conventional · ends Jan 2057$919,848