Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,200/mo
+$110/mo- Down payment
- $17,940
- Funds due
- $31,285
- Interest + MI left
- $585,741
- First ends
- May 2053
New loan
New conventional
$4,090/mo
Lowest payment- Down payment
- $54,000
- Funds due
- $65,017
- Interest + MI left
- $737,052
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $522,060 | $486,000 |
| Second mortgage | — | — |
| First P&I | $3,321.32 | $3,364.97 |
| Second P&I | — | — |
| Mortgage insurance | $250.67 | $97.20 |
| Taxes, insurance & HOA | $627.75 | $627.75 |
| Total housing payment | $4,199.73 | $4,089.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,940
Closing costs & prepaids$13,346
Usable credit−$0
Total buyer cash needed$31,285
Earnest money paid−$0
Remaining funds due$31,285
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,400.00
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)$1,350.00
Initial HOA (3 months)$33.24
Prepaid interest, first (1 days)$87.53
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 6.120%
Interest already paid$114,645Through Nov 2026
Assumption only · ends May 2053$585,741
New conventional · ends Dec 2056$737,052