Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,896/mo
+$387/mo- Down payment
- $0
- Funds due
- $12,683
- Interest + MI left
- $495,089
- First ends
- Jul 2053
New loan
New conventional
$3,509/mo
Lowest payment- Down payment
- $40,000
- Funds due
- $50,483
- Interest + MI left
- $545,964
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $426,598 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,747.38 | $2,492.57 |
| Second P&I | — | — |
| Mortgage insurance | $204.08 | $72.00 |
| Taxes, insurance & HOA | $944.92 | $944.92 |
| Total housing payment | $3,896.38 | $3,509.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,683
Usable credit−$0
Total buyer cash needed$12,683
Earnest money paid−$0
Remaining funds due$12,683
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,979.75
Initial HOA (3 months)$405.00
Prepaid interest, first (1 days)$73.28
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 6.270%
Interest already paid$91,226Through Nov 2026
Assumption only · ends Jul 2053$495,089
New conventional · ends Dec 2056$545,964