Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,775/mo
+$531/mo- Down payment
- $1,344
- Funds due
- $12,887
- Interest + MI left
- $610,668
- First ends
- Feb 2053
New loan
New conventional
$3,244/mo
Lowest payment- Down payment
- $47,000
- Funds due
- $56,270
- Interest + MI left
- $641,506
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $468,655 | $422,999 |
| Second mortgage | — | — |
| First P&I | $3,197.44 | $2,928.76 |
| Second P&I | — | — |
| Mortgage insurance | $347.06 | $84.60 |
| Taxes, insurance & HOA | $231.00 | $231.00 |
| Total housing payment | $3,775.50 | $3,244.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,344
Closing costs & prepaids$11,543
Usable credit−$0
Total buyer cash needed$12,887
Earnest money paid−$0
Remaining funds due$12,887
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,699.99
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)$193.00
Prepaid interest, first (2 days)$174.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3 moOf the original 30-year loan at 6.810%
Interest already paid$122,579Through Nov 2026
Assumption only · ends Feb 2053$610,668
New conventional · ends Dec 2056$641,506