Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,660/mo
Lowest payment- Down payment
- $40,825
- Funds due
- $53,208
- Interest + MI left
- $539,629
- First ends
- May 2053
New loan
New conventional
$3,679/mo
+$19/mo- Down payment
- $51,000
- Funds due
- $61,085
- Interest + MI left
- $696,104
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $469,175 | $459,000 |
| Second mortgage | — | — |
| First P&I | $3,026.01 | $3,178.02 |
| Second P&I | — | — |
| Mortgage insurance | $225.02 | $91.80 |
| Taxes, insurance & HOA | $409.00 | $409.00 |
| Total housing payment | $3,660.03 | $3,678.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,825
Closing costs & prepaids$12,382
Usable credit−$0
Total buyer cash needed$53,208
Earnest money paid−$0
Remaining funds due$53,208
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,100.00
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)$487.00
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$80.47
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 6 moOf the original 30-year loan at 6.260%
Interest already paid$105,324Through Nov 2026
Assumption only · ends May 2053$539,629
New conventional · ends Dec 2056$696,104