Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,931/mo
Lowest payment- Down payment
- $51,591
- Funds due
- $64,666
- Interest + MI left
- $583,865
- First ends
- Aug 2053
New loan
New conventional
$3,979/mo
+$49/mo- Down payment
- $54,250
- Funds due
- $65,009
- Interest + MI left
- $740,464
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $490,909 | $488,250 |
| Second mortgage | — | — |
| First P&I | $3,194.97 | $3,380.54 |
| Second P&I | — | — |
| Mortgage insurance | $234.35 | $97.65 |
| Taxes, insurance & HOA | $501.25 | $501.25 |
| Total housing payment | $3,930.57 | $3,979.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,591
Closing costs & prepaids$13,076
Usable credit−$0
Total buyer cash needed$64,666
Earnest money paid−$0
Remaining funds due$64,666
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,425.00
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)$610.75
Initial HOA (3 months)$393.00
Prepaid interest, first (2 days)$171.89
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 9 moOf the original 30-year loan at 6.390%
Interest already paid$104,196Through Nov 2026
Assumption only · ends Aug 2053$583,865
New conventional · ends Dec 2056$740,464