Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,453/mo
+$205/mo- Down payment
- $11,573
- Funds due
- $23,204
- Interest + MI left
- $500,450
- First ends
- May 2053
New loan
New conventional
$3,248/mo
Lowest payment- Down payment
- $42,900
- Funds due
- $52,306
- Interest + MI left
- $585,547
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $417,427 | $386,100 |
| Second mortgage | — | — |
| First P&I | $2,755.55 | $2,673.28 |
| Second P&I | — | — |
| Mortgage insurance | $199.81 | $77.22 |
| Taxes, insurance & HOA | $497.17 | $497.17 |
| Total housing payment | $3,452.53 | $3,247.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,573
Closing costs & prepaids$11,631
Usable credit−$0
Total buyer cash needed$23,204
Earnest money paid−$0
Remaining funds due$23,204
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,290.00
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)$471.50
Initial HOA (3 months)$570.00
Prepaid interest, first (1 days)$74.34
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 6 moOf the original 30-year loan at 6.500%
Interest already paid$97,202Through Nov 2026
Assumption only · ends May 2053$500,450
New conventional · ends Dec 2056$585,547