Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,507/mo
Lowest payment- Down payment
- $51,373
- Funds due
- $65,601
- Interest + MI left
- $636,763
- First ends
- May 2053
New loan
New conventional
$4,550/mo
+$43/mo- Down payment
- $60,500
- Funds due
- $72,353
- Interest + MI left
- $825,771
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $553,627 | $544,500 |
| Second mortgage | — | — |
| First P&I | $3,570.70 | $3,770.01 |
| Second P&I | — | — |
| Mortgage insurance | $265.52 | $108.90 |
| Taxes, insurance & HOA | $670.83 | $670.83 |
| Total housing payment | $4,507.05 | $4,549.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,373
Closing costs & prepaids$14,227
Usable credit−$0
Total buyer cash needed$65,601
Earnest money paid−$0
Remaining funds due$65,601
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,050.00
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)$1,512.50
Prepaid interest, first (2 days)$189.90
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 6.260%
Interest already paid$124,283Through Nov 2026
Assumption only · ends May 2053$636,763
New conventional · ends Dec 2056$825,771