Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,118/mo
+$182/mo- Down payment
- $9,521
- Funds due
- $20,343
- Interest + MI left
- $485,596
- First ends
- Aug 2053
New loan
New conventional
$2,936/mo
Lowest payment- Down payment
- $41,500
- Funds due
- $50,111
- Interest + MI left
- $566,438
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $405,479 | $373,500 |
| Second mortgage | — | — |
| First P&I | $2,649.25 | $2,586.04 |
| Second P&I | — | — |
| Mortgage insurance | $193.51 | $74.70 |
| Taxes, insurance & HOA | $275.17 | $275.17 |
| Total housing payment | $3,117.93 | $2,935.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,521
Closing costs & prepaids$10,822
Usable credit−$0
Total buyer cash needed$20,343
Earnest money paid−$0
Remaining funds due$20,343
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$375.50
Prepaid interest, first (1 days)$71.43
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$86,589Through Nov 2026
Assumption only · ends Aug 2053$485,596
New conventional · ends Dec 2056$566,438