Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,231/mo
+$333/mo- Down payment
- $45,426
- Funds due
- $58,394
- Interest + MI left
- $689,977
- First ends
- Nov 2053
New loan
New conventional
$3,899/mo
Lowest payment- Down payment
- $51,999
- Funds due
- $62,644
- Interest + MI left
- $709,740
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $474,564 | $467,991 |
| Second mortgage | — | — |
| First P&I | $3,442.45 | $3,240.28 |
| Second P&I | — | — |
| Mortgage insurance | $224.11 | $93.60 |
| Taxes, insurance & HOA | $564.92 | $564.92 |
| Total housing payment | $4,231.48 | $3,898.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,426
Closing costs & prepaids$12,968
Usable credit−$0
Total buyer cash needed$58,394
Earnest money paid−$0
Remaining funds due$58,394
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,199.90
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)$900.75
Initial HOA (3 months)$294.00
Prepaid interest, first (1 days)$98.42
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 closing27 yrOf the original 30-year loan at 7.570%
Interest already paid$109,517Through Nov 2026
Assumption only · ends Nov 2053$689,977
New conventional · ends Dec 2056$709,740