Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,501/mo
+$38/mo- Down payment
- $43,522
- Funds due
- $55,836
- Interest + MI left
- $518,533
- First ends
- Sep 2053
New loan
New conventional
$3,463/mo
Lowest payment- Down payment
- $45,500
- Funds due
- $55,574
- Interest + MI left
- $621,033
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $411,477 | $409,499 |
| Second mortgage | — | — |
| First P&I | $2,758.95 | $2,835.29 |
| Second P&I | — | — |
| Mortgage insurance | $195.76 | $81.90 |
| Taxes, insurance & HOA | $545.83 | $545.83 |
| Total housing payment | $3,500.55 | $3,463.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,522
Closing costs & prepaids$12,314
Usable credit−$0
Total buyer cash needed$55,836
Earnest money paid−$0
Remaining funds due$55,836
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,549.99
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)$1,137.50
Prepaid interest, first (2 days)$151.29
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 6.710%
Interest already paid$89,196Through Nov 2026
Assumption only · ends Sep 2053$518,533
New conventional · ends Dec 2056$621,033