Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,212/mo
+$270/mo- Down payment
- $20,355
- Funds due
- $33,271
- Interest + MI left
- $665,230
- First ends
- Sep 2053
New loan
New conventional
$3,942/mo
Lowest payment- Down payment
- $55,000
- Funds due
- $65,573
- Interest + MI left
- $750,701
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $529,645 | $495,000 |
| Second mortgage | — | — |
| First P&I | $3,544.46 | $3,427.28 |
| Second P&I | — | — |
| Mortgage insurance | $252.02 | $99.00 |
| Taxes, insurance & HOA | $415.83 | $415.83 |
| Total housing payment | $4,212.31 | $3,942.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,355
Closing costs & prepaids$12,917
Usable credit−$0
Total buyer cash needed$33,271
Earnest money paid−$0
Remaining funds due$33,271
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$747.50
Prepaid interest, first (2 days)$194.15
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 10 moOf the original 30-year loan at 6.690%
Interest already paid$114,478Through Nov 2026
Assumption only · ends Sep 2053$665,230
New conventional · ends Dec 2056$750,701