Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,543/mo
+$208/mo- Down payment
- $43,696
- Funds due
- $56,334
- Interest + MI left
- $557,274
- First ends
- Sep 2053
New loan
New conventional
$3,335/mo
Lowest payment- Down payment
- $46,100
- Funds due
- $56,482
- Interest + MI left
- $606,652
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $417,304 | $414,900 |
| Second mortgage | — | — |
| First P&I | $2,903.82 | $2,810.68 |
| Second P&I | — | — |
| Mortgage insurance | $198.24 | $82.98 |
| Taxes, insurance & HOA | $441.08 | $441.08 |
| Total housing payment | $3,543.14 | $3,334.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,696
Closing costs & prepaids$12,638
Usable credit−$0
Total buyer cash needed$56,334
Earnest money paid−$0
Remaining funds due$56,334
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,610.00
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)$553.25
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$729.54
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 9 moOf the original 30-year loan at 7.09%
Interest already paid$98,023Through Dec 2026
Assumption only · ends Sep 2053$557,274
New conventional · ends Jan 2057$606,652