Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,136/mo
+$219/mo- Down payment
- $42,211
- Funds due
- $55,152
- Interest + MI left
- $668,604
- First ends
- Nov 2053
New loan
New conventional
$3,917/mo
Lowest payment- Down payment
- $53,900
- Funds due
- $64,506
- Interest + MI left
- $735,687
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $496,789 | $485,100 |
| Second mortgage | — | — |
| First P&I | $3,439.69 | $3,358.73 |
| Second P&I | — | — |
| Mortgage insurance | $235.30 | $97.02 |
| Taxes, insurance & HOA | $461.17 | $461.17 |
| Total housing payment | $4,136.16 | $3,916.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,211
Closing costs & prepaids$12,941
Usable credit−$0
Total buyer cash needed$55,152
Earnest money paid−$0
Remaining funds due$55,152
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,390.00
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)$541.50
Initial HOA (3 months)$342.00
Prepaid interest, first (2 days)$192.45
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 closing27 yrOf the original 30-year loan at 7.070%
Interest already paid$107,239Through Nov 2026
Assumption only · ends Nov 2053$668,604
New conventional · ends Dec 2056$735,687