Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,949/mo
+$523/mo- Down payment
- $31,037
- Funds due
- $47,859
- Interest + MI left
- $887,707
- First ends
- Mar 2053
New loan
New conventional
$5,426/mo
Lowest payment- Down payment
- $76,990
- Funds due
- $91,293
- Interest + MI left
- $1,013,149
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $738,863 | $692,910 |
| Second mortgage | — | — |
| First P&I | $4,806.37 | $4,694.01 |
| Second P&I | — | — |
| Mortgage insurance | $549.45 | $138.58 |
| Taxes, insurance & HOA | $593.67 | $593.67 |
| Total housing payment | $5,949.49 | $5,426.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,037
Closing costs & prepaids$16,821
Usable credit−$0
Total buyer cash needed$47,859
Earnest money paid−$0
Remaining funds due$47,859
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,699.00
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)$924.00
Initial HOA (3 months)$207.00
Prepaid interest, first (6 days)$766.39
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 6.31%
Interest already paid$179,459Through Dec 2026
Assumption only · ends Mar 2053$887,707
New conventional · ends Jan 2057$1,013,149