Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,062/mo
+$401/mo- Down payment
- $0
- Funds due
- $12,697
- Interest + MI left
- $577,404
- First ends
- May 2053
New loan
New conventional
$3,661/mo
Lowest payment- Down payment
- $48,000
- Funds due
- $58,420
- Interest + MI left
- $655,157
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $502,017 | $432,000 |
| Second mortgage | — | — |
| First P&I | $3,237.84 | $2,991.08 |
| Second P&I | — | — |
| Mortgage insurance | $240.77 | $86.40 |
| Taxes, insurance & HOA | $583.33 | $583.33 |
| Total housing payment | $4,061.94 | $3,660.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,697
Usable credit−$0
Total buyer cash needed$12,697
Earnest money paid−$0
Remaining funds due$12,697
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$1,250.00
Prepaid interest, first (2 days)$172.20
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$112,697Through Nov 2026
Assumption only · ends May 2053$577,404
New conventional · ends Dec 2056$655,157