Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,688/mo
+$372/mo- Down payment
- $0
- Funds due
- $11,698
- Interest + MI left
- $548,528
- First ends
- Jun 2053
New loan
New conventional
$3,317/mo
Lowest payment- Down payment
- $44,485
- Funds due
- $53,939
- Interest + MI left
- $607,180
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $455,867 | $400,365 |
| Second mortgage | — | — |
| First P&I | $3,005.76 | $2,772.05 |
| Second P&I | — | — |
| Mortgage insurance | $217.96 | $80.07 |
| Taxes, insurance & HOA | $464.58 | $464.58 |
| Total housing payment | $3,688.30 | $3,316.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,698
Usable credit−$0
Total buyer cash needed$11,698
Earnest money paid−$0
Remaining funds due$11,698
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,448.50
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)$547.75
Initial HOA (3 months)$396.00
Prepaid interest, first (1 days)$81.18
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 6.500%
Interest already paid$103,559Through Nov 2026
Assumption only · ends Jun 2053$548,528
New conventional · ends Dec 2056$607,180