Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,956/mo
+$5/mo- Down payment
- $31,654
- Funds due
- $45,040
- Interest + MI left
- $522,276
- First ends
- Apr 2053
New loan
New conventional
$3,951/mo
Lowest payment- Down payment
- $49,800
- Funds due
- $60,913
- Interest + MI left
- $679,725
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $466,346 | $448,200 |
| Second mortgage | — | — |
| First P&I | $2,973.53 | $3,103.25 |
| Second P&I | — | — |
| Mortgage insurance | $224.18 | $89.64 |
| Taxes, insurance & HOA | $758.17 | $758.17 |
| Total housing payment | $3,955.87 | $3,951.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,654
Closing costs & prepaids$13,386
Usable credit−$0
Total buyer cash needed$45,040
Earnest money paid−$0
Remaining funds due$45,040
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,980.00
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)$1,504.50
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$156.64
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 5 moOf the original 30-year loan at 6.130%
Interest already paid$105,087Through Nov 2026
Assumption only · ends Apr 2053$522,276
New conventional · ends Dec 2056$679,725