Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,753/mo
+$35/mo- Down payment
- $38,606
- Funds due
- $51,107
- Interest + MI left
- $564,533
- First ends
- Aug 2053
New loan
New conventional
$3,718/mo
Lowest payment- Down payment
- $51,000
- Funds due
- $61,201
- Interest + MI left
- $696,103
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $471,393 | $458,999 |
| Second mortgage | — | — |
| First P&I | $3,079.91 | $3,178.02 |
| Second P&I | — | — |
| Mortgage insurance | $224.97 | $91.80 |
| Taxes, insurance & HOA | $447.75 | $447.75 |
| Total housing payment | $3,752.63 | $3,717.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,606
Closing costs & prepaids$12,501
Usable credit−$0
Total buyer cash needed$51,107
Earnest money paid−$0
Remaining funds due$51,107
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,099.99
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)$555.25
Initial HOA (3 months)$288.00
Prepaid interest, first (1 days)$83.04
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 9 moOf the original 30-year loan at 6.430%
Interest already paid$100,664Through Nov 2026
Assumption only · ends Aug 2053$564,533
New conventional · ends Dec 2056$696,103