Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,683/mo
+$222/mo- Down payment
- $9,228
- Funds due
- $21,376
- Interest + MI left
- $541,707
- First ends
- Jun 2053
New loan
New conventional
$3,462/mo
Lowest payment- Down payment
- $46,485
- Funds due
- $56,372
- Interest + MI left
- $634,479
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $455,622 | $418,365 |
| Second mortgage | — | — |
| First P&I | $2,983.90 | $2,896.67 |
| Second P&I | — | — |
| Mortgage insurance | $217.96 | $83.67 |
| Taxes, insurance & HOA | $481.25 | $481.25 |
| Total housing payment | $3,683.11 | $3,461.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,228
Closing costs & prepaids$12,148
Usable credit−$0
Total buyer cash needed$21,376
Earnest money paid−$0
Remaining funds due$21,376
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,648.50
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)$547.75
Initial HOA (3 months)$396.00
Prepaid interest, first (1 days)$80.26
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 6.430%
Interest already paid$102,418Through Nov 2026
Assumption only · ends Jun 2053$541,707
New conventional · ends Dec 2056$634,479