Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,690/mo
+$270/mo- Down payment
- $8,228
- Funds due
- $20,208
- Interest + MI left
- $570,324
- First ends
- Jun 2053
New loan
New conventional
$3,420/mo
Lowest payment- Down payment
- $47,900
- Funds due
- $57,608
- Interest + MI left
- $653,792
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $470,772 | $431,100 |
| Second mortgage | — | — |
| First P&I | $3,116.02 | $2,984.85 |
| Second P&I | — | — |
| Mortgage insurance | $225.02 | $86.22 |
| Taxes, insurance & HOA | $348.91 | $348.91 |
| Total housing payment | $3,689.95 | $3,419.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,228
Closing costs & prepaids$11,980
Usable credit−$0
Total buyer cash needed$20,208
Earnest money paid−$0
Remaining funds due$20,208
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,790.00
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)$401.75
Initial HOA (3 months)$144.99
Prepaid interest, first (2 days)$168.70
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 7 moOf the original 30-year loan at 6.540%
Interest already paid$107,586Through Nov 2026
Assumption only · ends Jun 2053$570,324
New conventional · ends Dec 2056$653,792