Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,986/mo
+$144/mo- Down payment
- $30,881
- Funds due
- $43,578
- Interest + MI left
- $604,544
- First ends
- Jun 2053
New loan
New conventional
$3,842/mo
Lowest payment- Down payment
- $52,990
- Funds due
- $63,364
- Interest + MI left
- $723,266
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $499,019 | $476,910 |
| Second mortgage | — | — |
| First P&I | $3,302.98 | $3,302.03 |
| Second P&I | — | — |
| Mortgage insurance | $238.52 | $95.38 |
| Taxes, insurance & HOA | $444.42 | $444.42 |
| Total housing payment | $3,985.92 | $3,841.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,881
Closing costs & prepaids$12,697
Usable credit−$0
Total buyer cash needed$43,578
Earnest money paid−$0
Remaining funds due$43,578
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,299.00
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)$662.25
Initial HOA (3 months)$171.00
Prepaid interest, first (1 days)$89.41
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$114,041Through Nov 2026
Assumption only · ends Jun 2053$604,544
New conventional · ends Dec 2056$723,266