Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,686/mo
Lowest payment- Down payment
- $44,834
- Funds due
- $57,322
- Interest + MI left
- $550,749
- First ends
- Aug 2053
New loan
New conventional
$3,707/mo
+$22/mo- Down payment
- $50,790
- Funds due
- $60,982
- Interest + MI left
- $693,238
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $463,066 | $457,110 |
| Second mortgage | — | — |
| First P&I | $3,013.76 | $3,164.94 |
| Second P&I | — | — |
| Mortgage insurance | $221.06 | $91.42 |
| Taxes, insurance & HOA | $451.00 | $451.00 |
| Total housing payment | $3,685.82 | $3,707.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,834
Closing costs & prepaids$12,488
Usable credit−$0
Total buyer cash needed$57,322
Earnest money paid−$0
Remaining funds due$57,322
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,079.00
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)$406.00
Initial HOA (3 months)$447.00
Prepaid interest, first (1 days)$81.07
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 6.390%
Interest already paid$98,286Through Nov 2026
Assumption only · ends Aug 2053$550,749
New conventional · ends Dec 2056$693,238