Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,057/mo
+$179/mo- Down payment
- $21,681
- Funds due
- $32,999
- Interest + MI left
- $445,613
- First ends
- Sep 2053
New loan
New conventional
$2,877/mo
Lowest payment- Down payment
- $38,500
- Funds due
- $47,642
- Interest + MI left
- $500,741
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $363,318 | $346,499 |
| Second mortgage | — | — |
| First P&I | $2,406.18 | $2,330.92 |
| Second P&I | — | — |
| Mortgage insurance | $173.22 | $69.30 |
| Taxes, insurance & HOA | $477.25 | $477.25 |
| Total housing payment | $3,056.65 | $2,877.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,681
Closing costs & prepaids$11,318
Usable credit−$0
Total buyer cash needed$32,999
Earnest money paid−$0
Remaining funds due$32,999
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,849.99
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$981.75
Prepaid interest, first (4 days)$261.59
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 6.57%
Interest already paid$79,232Through Dec 2026
Assumption only · ends Sep 2053$445,613
New conventional · ends Jan 2057$500,741