Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,131/mo
+$528/mo- Down payment
- $25,875
- Funds due
- $39,129
- Interest + MI left
- $686,796
- First ends
- Nov 2053
New loan
New conventional
$3,603/mo
Lowest payment- Down payment
- $49,999
- Funds due
- $60,865
- Interest + MI left
- $657,961
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $474,115 | $449,991 |
| Second mortgage | — | — |
| First P&I | $3,442.45 | $3,048.40 |
| Second P&I | — | — |
| Mortgage insurance | $224.11 | $90.00 |
| Taxes, insurance & HOA | $464.67 | $464.67 |
| Total housing payment | $4,131.23 | $3,603.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,875
Closing costs & prepaids$13,254
Usable credit−$0
Total buyer cash needed$39,129
Earnest money paid−$0
Remaining funds due$39,129
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.90
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)$600.00
Initial HOA (3 months)$294.00
Prepaid interest, first (9 days)$884.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 7.57%
Interest already paid$112,511Through Dec 2026
Assumption only · ends Nov 2053$686,796
New conventional · ends Jan 2057$657,961