Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,876/mo
+$956/mo- Down payment
- $0
- Funds due
- $13,222
- Interest + MI left
- $719,310
- First ends
- Jan 2053
New loan
New conventional
$3,920/mo
Lowest payment- Down payment
- $50,000
- Funds due
- $60,910
- Interest + MI left
- $682,455
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $544,594 | $450,000 |
| Second mortgage | — | — |
| First P&I | $3,758.31 | $3,115.71 |
| Second P&I | — | — |
| Mortgage insurance | $403.39 | $90.00 |
| Taxes, insurance & HOA | $714.67 | $714.67 |
| Total housing payment | $4,876.37 | $3,920.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,222
Usable credit−$0
Total buyer cash needed$13,222
Earnest money paid−$0
Remaining funds due$13,222
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$1,368.00
Initial HOA (3 months)$276.00
Prepaid interest, first (1 days)$103.25
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 6.920%
Interest already paid$147,982Through Nov 2026
Assumption only · ends Jan 2053$719,310
New conventional · ends Dec 2056$682,455