Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,574/mo
+$175/mo- Down payment
- $17,581
- Funds due
- $29,588
- Interest + MI left
- $508,718
- First ends
- Jun 2053
New loan
New conventional
$3,399/mo
Lowest payment- Down payment
- $43,750
- Funds due
- $53,524
- Interest + MI left
- $597,148
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $419,919 | $393,750 |
| Second mortgage | — | — |
| First P&I | $2,779.43 | $2,726.25 |
| Second P&I | — | — |
| Mortgage insurance | $200.71 | $78.75 |
| Taxes, insurance & HOA | $594.00 | $594.00 |
| Total housing payment | $3,574.13 | $3,399.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,581
Closing costs & prepaids$12,007
Usable credit−$0
Total buyer cash needed$29,588
Earnest money paid−$0
Remaining funds due$29,588
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,375.00
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)$1,107.00
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$75.24
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 7 moOf the original 30-year loan at 6.540%
Interest already paid$95,965Through Nov 2026
Assumption only · ends Jun 2053$508,718
New conventional · ends Dec 2056$597,148