Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,731/mo
+$560/mo- Down payment
- $0
- Funds due
- $12,095
- Interest + MI left
- $570,434
- First ends
- Jul 2053
New loan
New conventional
$3,172/mo
Lowest payment- Down payment
- $44,800
- Funds due
- $54,600
- Interest + MI left
- $589,545
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $479,783 | $403,200 |
| Second mortgage | — | — |
| First P&I | $3,142.14 | $2,731.42 |
| Second P&I | — | — |
| Mortgage insurance | $229.52 | $80.64 |
| Taxes, insurance & HOA | $359.84 | $359.84 |
| Total housing payment | $3,731.49 | $3,171.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,095
Usable credit−$0
Total buyer cash needed$12,095
Earnest money paid−$0
Remaining funds due$12,095
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,480.00
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)$537.50
Initial HOA (3 months)$92.01
Prepaid interest, first (9 days)$760.69
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 7 moOf the original 30-year loan at 6.43%
Interest already paid$107,849Through Dec 2026
Assumption only · ends Jul 2053$570,434
New conventional · ends Jan 2057$589,545