Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,149/mo
+$447/mo- Down payment
- $28,764
- Funds due
- $41,245
- Interest + MI left
- $698,225
- First ends
- Nov 2053
New loan
New conventional
$3,702/mo
Lowest payment- Down payment
- $50,900
- Funds due
- $61,066
- Interest + MI left
- $694,739
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $480,236 | $458,100 |
| Second mortgage | — | — |
| First P&I | $3,483.60 | $3,171.79 |
| Second P&I | — | — |
| Mortgage insurance | $226.79 | $91.62 |
| Taxes, insurance & HOA | $439.00 | $439.00 |
| Total housing payment | $4,149.39 | $3,702.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,764
Closing costs & prepaids$12,482
Usable credit−$0
Total buyer cash needed$41,245
Earnest money paid−$0
Remaining funds due$41,245
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,090.00
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)$484.00
Initial HOA (3 months)$333.00
Prepaid interest, first (1 days)$99.60
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$110,826Through Nov 2026
Assumption only · ends Nov 2053$698,225
New conventional · ends Dec 2056$694,739