Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,797/mo
+$178/mo- Down payment
- $13,367
- Funds due
- $25,719
- Interest + MI left
- $567,693
- First ends
- Aug 2053
New loan
New conventional
$3,618/mo
Lowest payment- Down payment
- $49,400
- Funds due
- $59,465
- Interest + MI left
- $674,266
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $480,633 | $444,600 |
| Second mortgage | — | — |
| First P&I | $3,115.92 | $3,078.32 |
| Second P&I | — | — |
| Mortgage insurance | $229.52 | $88.92 |
| Taxes, insurance & HOA | $451.25 | $451.25 |
| Total housing payment | $3,796.68 | $3,618.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,367
Closing costs & prepaids$12,352
Usable credit−$0
Total buyer cash needed$25,719
Earnest money paid−$0
Remaining funds due$25,719
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,940.00
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)$519.75
Initial HOA (3 months)$333.99
Prepaid interest, first (1 days)$83.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 6.350%
Interest already paid$101,392Through Nov 2026
Assumption only · ends Aug 2053$567,693
New conventional · ends Dec 2056$674,266