Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,994/mo
+$373/mo- Down payment
- $33,976
- Funds due
- $46,114
- Interest + MI left
- $638,638
- First ends
- Jan 2053
New loan
New conventional
$3,621/mo
Lowest payment- Down payment
- $51,900
- Funds due
- $61,722
- Interest + MI left
- $708,389
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $485,024 | $467,100 |
| Second mortgage | — | — |
| First P&I | $3,340.97 | $3,234.11 |
| Second P&I | — | — |
| Mortgage insurance | $359.33 | $93.42 |
| Taxes, insurance & HOA | $293.92 | $293.92 |
| Total housing payment | $3,994.21 | $3,621.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,976
Closing costs & prepaids$12,138
Usable credit−$0
Total buyer cash needed$46,114
Earnest money paid−$0
Remaining funds due$46,114
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,190.00
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)$231.75
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$91.69
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 2 moOf the original 30-year loan at 6.900%
Interest already paid$131,426Through Nov 2026
Assumption only · ends Jan 2053$638,638
New conventional · ends Dec 2056$708,389