Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,705/mo
+$2/mo- Down payment
- $47,958
- Funds due
- $60,505
- Interest + MI left
- $547,512
- First ends
- Jun 2053
New loan
New conventional
$3,702/mo
Lowest payment- Down payment
- $49,990
- Funds due
- $60,247
- Interest + MI left
- $682,319
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $451,942 | $449,910 |
| Second mortgage | — | — |
| First P&I | $2,991.38 | $3,115.09 |
| Second P&I | — | — |
| Mortgage insurance | $216.02 | $89.98 |
| Taxes, insurance & HOA | $497.34 | $497.34 |
| Total housing payment | $3,704.74 | $3,702.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,958
Closing costs & prepaids$12,547
Usable credit−$0
Total buyer cash needed$60,505
Earnest money paid−$0
Remaining funds due$60,505
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$810.00
Initial HOA (3 months)$182.01
Prepaid interest, first (1 days)$80.98
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$103,283Through Nov 2026
Assumption only · ends Jun 2053$547,512
New conventional · ends Dec 2056$682,319