Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,474/mo
+$143/mo- Down payment
- $29,591
- Funds due
- $43,604
- Interest + MI left
- $633,011
- First ends
- Mar 2053
New loan
New conventional
$4,332/mo
Lowest payment- Down payment
- $62,350
- Funds due
- $74,053
- Interest + MI left
- $820,494
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $593,909 | $561,150 |
| Second mortgage | — | — |
| First P&I | $3,611.82 | $3,801.43 |
| Second P&I | — | — |
| Mortgage insurance | $444.43 | $112.23 |
| Taxes, insurance & HOA | $418.16 | $418.16 |
| Total housing payment | $4,474.41 | $4,331.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,591
Closing costs & prepaids$14,014
Usable credit−$0
Total buyer cash needed$43,604
Earnest money paid−$0
Remaining funds due$43,604
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,235.00
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)$748.25
Initial HOA (3 months)$6.24
Prepaid interest, first (6 days)$549.16
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 3 moOf the original 30-year loan at 5.625%
Interest already paid$129,015Through Dec 2026
Assumption only · ends Mar 2053$633,011
New conventional · ends Jan 2057$820,494