Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,635/mo
+$133/mo- Down payment
- $18,861
- Funds due
- $33,360
- Interest + MI left
- $607,266
- First ends
- Oct 2052
New loan
New conventional
$4,502/mo
Lowest payment- Down payment
- $63,500
- Funds due
- $75,725
- Interest + MI left
- $835,628
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $616,139 | $571,500 |
| Second mortgage | — | — |
| First P&I | $3,653.15 | $3,871.54 |
| Second P&I | — | — |
| Mortgage insurance | $465.99 | $114.30 |
| Taxes, insurance & HOA | $516.00 | $516.00 |
| Total housing payment | $4,635.13 | $4,501.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,861
Closing costs & prepaids$14,499
Usable credit−$0
Total buyer cash needed$33,360
Earnest money paid−$0
Remaining funds due$33,360
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,350.00
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)$762.00
Initial HOA (3 months)$285.99
Prepaid interest, first (7 days)$626.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing25 yr 10 moOf the original 30-year loan at 5.3%
Interest already paid$140,932Through Dec 2026
Assumption only · ends Oct 2052$607,266
New conventional · ends Jan 2057$835,628