Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,069/mo
+$140/mo- Down payment
- $27,660
- Funds due
- $39,106
- Interest + MI left
- $441,693
- First ends
- Jun 2053
New loan
New conventional
$2,929/mo
Lowest payment- Down payment
- $38,990
- Funds due
- $48,263
- Interest + MI left
- $513,088
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,240 | $350,910 |
| Second mortgage | — | — |
| First P&I | $2,414.30 | $2,377.19 |
| Second P&I | — | — |
| Mortgage insurance | $173.26 | $70.18 |
| Taxes, insurance & HOA | $481.42 | $481.42 |
| Total housing payment | $3,068.97 | $2,928.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,660
Closing costs & prepaids$11,446
Usable credit−$0
Total buyer cash needed$39,106
Earnest money paid−$0
Remaining funds due$39,106
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$994.25
Prepaid interest, first (5 days)$327.50
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 6.6%
Interest already paid$85,614Through Dec 2026
Assumption only · ends Jun 2053$441,693
New conventional · ends Jan 2057$513,088