Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,146/mo
+$296/mo- Down payment
- $29,974
- Funds due
- $48,543
- Interest + MI left
- $784,879
- First ends
- Apr 2053
New loan
New conventional
$5,850/mo
Lowest payment- Down payment
- $70,900
- Funds due
- $87,007
- Interest + MI left
- $933,008
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $679,026 | $638,100 |
| Second mortgage | — | — |
| First P&I | $4,420.20 | $4,322.71 |
| Second P&I | — | — |
| Mortgage insurance | $326.27 | $127.62 |
| Taxes, insurance & HOA | $1,399.25 | $1,399.25 |
| Total housing payment | $6,145.72 | $5,849.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,974
Closing costs & prepaids$18,569
Usable credit−$0
Total buyer cash needed$48,543
Earnest money paid−$0
Remaining funds due$48,543
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,090.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$850.75
Initial HOA (3 months)$2,697.00
Prepaid interest, first (6 days)$706.56
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 4 moOf the original 30-year loan at 6.33%
Interest already paid$161,647Through Dec 2026
Assumption only · ends Apr 2053$784,879
New conventional · ends Jan 2057$933,008