Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,960/mo
+$331/mo- Down payment
- $20,924
- Funds due
- $35,549
- Interest + MI left
- $734,381
- First ends
- Nov 2053
New loan
New conventional
$4,629/mo
Lowest payment- Down payment
- $59,000
- Funds due
- $71,238
- Interest + MI left
- $805,297
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $569,076 | $531,000 |
| Second mortgage | — | — |
| First P&I | $3,843.98 | $3,676.54 |
| Second P&I | — | — |
| Mortgage insurance | $269.97 | $106.20 |
| Taxes, insurance & HOA | $845.92 | $845.92 |
| Total housing payment | $4,959.87 | $4,628.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,924
Closing costs & prepaids$14,625
Usable credit−$0
Total buyer cash needed$35,549
Earnest money paid−$0
Remaining funds due$35,549
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,900.00
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)$1,924.75
Initial HOA (3 months)$113.01
Prepaid interest, first (2 days)$212.35
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 6.810%
Interest already paid$118,427Through Nov 2026
Assumption only · ends Nov 2053$734,381
New conventional · ends Dec 2056$805,297