Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,366/mo
+$610/mo- Down payment
- $0
- Funds due
- $11,445
- Interest + MI left
- $500,105
- First ends
- May 2053
New loan
New conventional
$2,756/mo
Lowest payment- Down payment
- $36,990
- Funds due
- $46,185
- Interest + MI left
- $486,769
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $408,213 | $332,910 |
| Second mortgage | — | — |
| First P&I | $2,736.90 | $2,255.25 |
| Second P&I | — | — |
| Mortgage insurance | $195.40 | $66.58 |
| Taxes, insurance & HOA | $434.00 | $434.00 |
| Total housing payment | $3,366.30 | $2,755.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,445
Usable credit−$0
Total buyer cash needed$11,445
Earnest money paid−$0
Remaining funds due$11,445
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$444.00
Initial HOA (3 months)$408.00
Prepaid interest, first (9 days)$669.36
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 5 moOf the original 30-year loan at 6.65%
Interest already paid$99,568Through Dec 2026
Assumption only · ends May 2053$500,105
New conventional · ends Jan 2057$486,769