Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,202/mo
+$115/mo- Down payment
- $47,909
- Funds due
- $61,737
- Interest + MI left
- $606,054
- First ends
- Jun 2053
New loan
New conventional
$4,086/mo
Lowest payment- Down payment
- $55,000
- Funds due
- $66,514
- Interest + MI left
- $723,772
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $502,091 | $495,000 |
| Second mortgage | — | — |
| First P&I | $3,327.20 | $3,353.30 |
| Second P&I | — | — |
| Mortgage insurance | $240.27 | $99.00 |
| Taxes, insurance & HOA | $634.17 | $634.17 |
| Total housing payment | $4,201.64 | $4,086.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,909
Closing costs & prepaids$13,827
Usable credit−$0
Total buyer cash needed$61,737
Earnest money paid−$0
Remaining funds due$61,737
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$1,402.50
Prepaid interest, first (5 days)$449.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6.54%
Interest already paid$117,617Through Dec 2026
Assumption only · ends Jun 2053$606,054
New conventional · ends Jan 2057$723,772