Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,119/mo
+$476/mo- Down payment
- $0
- Funds due
- $12,381
- Interest + MI left
- $639,075
- First ends
- Sep 2053
New loan
New conventional
$3,643/mo
Lowest payment- Down payment
- $50,000
- Funds due
- $60,079
- Interest + MI left
- $682,454
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $519,168 | $449,999 |
| Second mortgage | — | — |
| First P&I | $3,434.42 | $3,115.70 |
| Second P&I | — | — |
| Mortgage insurance | $247.24 | $90.00 |
| Taxes, insurance & HOA | $437.67 | $437.67 |
| Total housing payment | $4,119.32 | $3,643.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,381
Usable credit−$0
Total buyer cash needed$12,381
Earnest money paid−$0
Remaining funds due$12,381
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.99
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)$483.00
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$93.45
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 10 moOf the original 30-year loan at 6.570%
Interest already paid$110,249Through Nov 2026
Assumption only · ends Sep 2053$639,075
New conventional · ends Dec 2056$682,454