Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,177/mo
+$186/mo- Down payment
- $42,564
- Funds due
- $56,330
- Interest + MI left
- $616,056
- First ends
- Aug 2053
New loan
New conventional
$3,991/mo
Lowest payment- Down payment
- $53,500
- Funds due
- $64,956
- Interest + MI left
- $704,031
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $492,435 | $481,499 |
| Second mortgage | — | — |
| First P&I | $3,309.16 | $3,261.84 |
| Second P&I | — | — |
| Mortgage insurance | $234.80 | $96.30 |
| Taxes, insurance & HOA | $632.67 | $632.67 |
| Total housing payment | $4,176.64 | $3,990.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,564
Closing costs & prepaids$13,766
Usable credit−$0
Total buyer cash needed$56,330
Earnest money paid−$0
Remaining funds due$56,330
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,349.99
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)$642.00
Initial HOA (3 months)$756.00
Prepaid interest, first (6 days)$543.16
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 8 moOf the original 30-year loan at 6.71%
Interest already paid$112,501Through Dec 2026
Assumption only · ends Aug 2053$616,056
New conventional · ends Jan 2057$704,031