Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,940/mo
+$245/mo- Down payment
- $0
- Funds due
- $12,789
- Interest + MI left
- $516,481
- First ends
- Apr 2053
New loan
New conventional
$3,694/mo
Lowest payment- Down payment
- $44,900
- Funds due
- $55,444
- Interest + MI left
- $612,845
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $449,891 | $404,100 |
| Second mortgage | — | — |
| First P&I | $2,908.05 | $2,797.91 |
| Second P&I | — | — |
| Mortgage insurance | $216.02 | $80.82 |
| Taxes, insurance & HOA | $815.50 | $815.50 |
| Total housing payment | $3,939.56 | $3,694.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,789
Usable credit−$0
Total buyer cash needed$12,789
Earnest money paid−$0
Remaining funds due$12,789
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$571.50
Initial HOA (3 months)$1,425.00
Prepaid interest, first (1 days)$77.28
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 5 moOf the original 30-year loan at 6.270%
Interest already paid$103,631Through Nov 2026
Assumption only · ends Apr 2053$516,481
New conventional · ends Dec 2056$612,845