Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,942/mo
+$77/mo- Down payment
- $41,799
- Funds due
- $55,155
- Interest + MI left
- $527,330
- First ends
- May 2053
New loan
New conventional
$3,865/mo
Lowest payment- Down payment
- $46,500
- Funds due
- $57,597
- Interest + MI left
- $634,683
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $423,201 | $418,500 |
| Second mortgage | — | — |
| First P&I | $2,855.78 | $2,897.61 |
| Second P&I | — | — |
| Mortgage insurance | $202.22 | $83.70 |
| Taxes, insurance & HOA | $884.17 | $884.17 |
| Total housing payment | $3,942.17 | $3,865.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,799
Closing costs & prepaids$13,356
Usable credit−$0
Total buyer cash needed$55,155
Earnest money paid−$0
Remaining funds due$55,155
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$1,780.50
Initial HOA (3 months)$372.00
Prepaid interest, first (1 days)$78.03
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 6 moOf the original 30-year loan at 6.730%
Interest already paid$101,939Through Nov 2026
Assumption only · ends May 2053$527,330
New conventional · ends Dec 2056$634,683