Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,852/mo
+$141/mo- Down payment
- $8,350
- Funds due
- $21,642
- Interest + MI left
- $552,010
- First ends
- Oct 2053
New loan
New conventional
$3,710/mo
Lowest payment- Down payment
- $51,500
- Funds due
- $62,564
- Interest + MI left
- $677,714
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $506,650 | $463,500 |
| Second mortgage | — | — |
| First P&I | $3,131.52 | $3,139.91 |
| Second P&I | — | — |
| Mortgage insurance | $242.50 | $92.70 |
| Taxes, insurance & HOA | $477.67 | $477.67 |
| Total housing payment | $3,851.69 | $3,710.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,350
Closing costs & prepaids$13,293
Usable credit−$0
Total buyer cash needed$21,642
Earnest money paid−$0
Remaining funds due$21,642
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$618.00
Initial HOA (3 months)$315.00
Prepaid interest, first (9 days)$734.57
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 10 moOf the original 30-year loan at 5.88%
Interest already paid$96,548Through Dec 2026
Assumption only · ends Oct 2053$552,010
New conventional · ends Jan 2057$677,714