Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,005/mo
+$144/mo- Down payment
- $21,912
- Funds due
- $34,670
- Interest + MI left
- $607,492
- First ends
- Jul 2053
New loan
New conventional
$3,860/mo
Lowest payment- Down payment
- $53,900
- Funds due
- $64,336
- Interest + MI left
- $735,687
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $517,088 | $485,100 |
| Second mortgage | — | — |
| First P&I | $3,352.98 | $3,358.73 |
| Second P&I | — | — |
| Mortgage insurance | $247.24 | $97.02 |
| Taxes, insurance & HOA | $404.50 | $404.50 |
| Total housing payment | $4,004.72 | $3,860.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,912
Closing costs & prepaids$12,758
Usable credit−$0
Total buyer cash needed$34,670
Earnest money paid−$0
Remaining funds due$34,670
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,390.00
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)$428.50
Initial HOA (3 months)$285.00
Prepaid interest, first (2 days)$179.63
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 8 moOf the original 30-year loan at 6.340%
Interest already paid$111,780Through Nov 2026
Assumption only · ends Jul 2053$607,492
New conventional · ends Dec 2056$735,687