Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,781/mo
+$512/mo- Down payment
- $0
- Funds due
- $12,531
- Interest + MI left
- $557,862
- First ends
- Jun 2053
New loan
New conventional
$3,269/mo
Lowest payment- Down payment
- $45,300
- Funds due
- $55,551
- Interest + MI left
- $596,125
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $483,329 | $407,700 |
| Second mortgage | — | — |
| First P&I | $3,123.38 | $2,761.90 |
| Second P&I | — | — |
| Mortgage insurance | $231.77 | $81.54 |
| Taxes, insurance & HOA | $425.83 | $425.83 |
| Total housing payment | $3,780.98 | $3,269.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,531
Usable credit−$0
Total buyer cash needed$12,531
Earnest money paid−$0
Remaining funds due$12,531
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,530.00
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)$543.50
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$748.43
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 6 moOf the original 30-year loan at 6.28%
Interest already paid$108,839Through Dec 2026
Assumption only · ends Jun 2053$557,862
New conventional · ends Jan 2057$596,125