Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,317/mo
+$311/mo- Down payment
- $0
- Funds due
- $11,080
- Interest + MI left
- $501,771
- First ends
- Jun 2053
New loan
New conventional
$3,006/mo
Lowest payment- Down payment
- $41,000
- Funds due
- $49,871
- Interest + MI left
- $559,613
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $414,185 | $369,000 |
| Second mortgage | — | — |
| First P&I | $2,741.47 | $2,554.88 |
| Second P&I | — | — |
| Mortgage insurance | $197.97 | $73.80 |
| Taxes, insurance & HOA | $377.08 | $377.08 |
| Total housing payment | $3,316.52 | $3,005.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,080
Usable credit−$0
Total buyer cash needed$11,080
Earnest money paid−$0
Remaining funds due$11,080
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$444.25
Initial HOA (3 months)$237.00
Prepaid interest, first (1 days)$74.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 6.540%
Interest already paid$94,654Through Nov 2026
Assumption only · ends Jun 2053$501,771
New conventional · ends Dec 2056$559,613