Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,684/mo
+$431/mo- Down payment
- $0
- Funds due
- $12,333
- Interest + MI left
- $545,892
- First ends
- Jun 2053
New loan
New conventional
$3,252/mo
Lowest payment- Down payment
- $44,485
- Funds due
- $54,552
- Interest + MI left
- $585,400
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $455,331 | $400,365 |
| Second mortgage | — | — |
| First P&I | $3,005.76 | $2,712.21 |
| Second P&I | — | — |
| Mortgage insurance | $217.96 | $80.07 |
| Taxes, insurance & HOA | $459.92 | $459.92 |
| Total housing payment | $3,683.64 | $3,252.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,333
Usable credit−$0
Total buyer cash needed$12,333
Earnest money paid−$0
Remaining funds due$12,333
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,448.50
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)$533.75
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$729.78
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 6 moOf the original 30-year loan at 6.5%
Interest already paid$106,029Through Dec 2026
Assumption only · ends Jun 2053$545,892
New conventional · ends Jan 2057$585,400