Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,453/mo
+$730/mo- Down payment
- $0
- Funds due
- $11,087
- Interest + MI left
- $487,562
- First ends
- Jun 2053
New loan
New conventional
$2,723/mo
Lowest payment- Down payment
- $32,500
- Funds due
- $41,437
- Interest + MI left
- $443,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $389,857 | $292,500 |
| Second mortgage | — | — |
| First P&I | $2,627.80 | $2,025.21 |
| Second P&I | — | — |
| Mortgage insurance | $186.08 | $58.50 |
| Taxes, insurance & HOA | $639.33 | $639.33 |
| Total housing payment | $3,453.20 | $2,723.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,087
Usable credit−$0
Total buyer cash needed$11,087
Earnest money paid−$0
Remaining funds due$11,087
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$1,143.00
Initial HOA (3 months)$324.99
Prepaid interest, first (2 days)$143.77
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 7 moOf the original 30-year loan at 6.730%
Interest already paid$91,614Through Nov 2026
Assumption only · ends Jun 2053$487,562
New conventional · ends Dec 2056$443,596