Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,757/mo
+$535/mo- Down payment
- $0
- Funds due
- $11,464
- Interest + MI left
- $560,571
- First ends
- Jun 2053
New loan
New conventional
$3,222/mo
Lowest payment- Down payment
- $43,990
- Funds due
- $53,211
- Interest + MI left
- $600,424
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $483,920 | $395,910 |
| Second mortgage | — | — |
| First P&I | $3,123.38 | $2,741.20 |
| Second P&I | — | — |
| Mortgage insurance | $231.77 | $79.18 |
| Taxes, insurance & HOA | $402.08 | $402.08 |
| Total housing payment | $3,757.23 | $3,222.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,464
Usable credit−$0
Total buyer cash needed$11,464
Earnest money paid−$0
Remaining funds due$11,464
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.00
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)$522.25
Initial HOA (3 months)$234.00
Prepaid interest, first (1 days)$83.26
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 6.280%
Interest already paid$106,307Through Nov 2026
Assumption only · ends Jun 2053$560,571
New conventional · ends Dec 2056$600,424