Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,364/mo
+$27/mo- Down payment
- $45,502
- Funds due
- $57,657
- Interest + MI left
- $477,503
- First ends
- Jul 2053
New loan
New conventional
$3,337/mo
Lowest payment- Down payment
- $44,990
- Funds due
- $54,927
- Interest + MI left
- $585,153
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $404,398 | $404,910 |
| Second mortgage | — | — |
| First P&I | $2,638.19 | $2,723.86 |
| Second P&I | — | — |
| Mortgage insurance | $193.51 | $80.98 |
| Taxes, insurance & HOA | $532.42 | $532.42 |
| Total housing payment | $3,364.12 | $3,337.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,502
Closing costs & prepaids$12,154
Usable credit−$0
Total buyer cash needed$57,657
Earnest money paid−$0
Remaining funds due$57,657
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$1,147.25
Prepaid interest, first (4 days)$283.19
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 7 moOf the original 30-year loan at 6.39%
Interest already paid$90,353Through Dec 2026
Assumption only · ends Jul 2053$477,503
New conventional · ends Jan 2057$585,153