Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,571/mo
+$490/mo- Down payment
- $0
- Funds due
- $11,966
- Interest + MI left
- $453,501
- First ends
- May 2053
New loan
New conventional
$3,081/mo
Lowest payment- Down payment
- $34,500
- Funds due
- $44,312
- Interest + MI left
- $470,894
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $385,468 | $310,500 |
| Second mortgage | — | — |
| First P&I | $2,517.71 | $2,149.84 |
| Second P&I | — | — |
| Mortgage insurance | $184.68 | $62.10 |
| Taxes, insurance & HOA | $868.67 | $868.67 |
| Total housing payment | $3,571.06 | $3,080.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,966
Usable credit−$0
Total buyer cash needed$11,966
Earnest money paid−$0
Remaining funds due$11,966
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$872.00
Initial HOA (3 months)$1,284.00
Prepaid interest, first (2 days)$134.97
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 6 moOf the original 30-year loan at 6.390%
Interest already paid$88,282Through Nov 2026
Assumption only · ends May 2053$453,501
New conventional · ends Dec 2056$470,894