Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,294/mo
+$116/mo- Down payment
- $40,297
- Funds due
- $52,337
- Interest + MI left
- $479,632
- First ends
- May 2053
New loan
New conventional
$3,178/mo
Lowest payment- Down payment
- $44,000
- Funds due
- $53,884
- Interest + MI left
- $579,017
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $399,703 | $396,000 |
| Second mortgage | — | — |
| First P&I | $2,581.13 | $2,682.64 |
| Second P&I | — | — |
| Mortgage insurance | $296.63 | $79.20 |
| Taxes, insurance & HOA | $416.00 | $416.00 |
| Total housing payment | $3,293.75 | $3,177.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,297
Closing costs & prepaids$12,040
Usable credit−$0
Total buyer cash needed$52,337
Earnest money paid−$0
Remaining funds due$52,337
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$528.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$616.97
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 5 moOf the original 30-year loan at 6.26%
Interest already paid$91,927Through Dec 2026
Assumption only · ends May 2053$479,632
New conventional · ends Jan 2057$579,017