Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,826/mo
+$42/mo- Down payment
- $34,504
- Funds due
- $45,802
- Interest + MI left
- $415,834
- First ends
- Aug 2053
New loan
New conventional
$2,784/mo
Lowest payment- Down payment
- $38,299
- Funds due
- $47,472
- Interest + MI left
- $503,995
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $348,486 | $344,691 |
| Second mortgage | — | — |
| First P&I | $2,279.56 | $2,335.06 |
| Second P&I | — | — |
| Mortgage insurance | $166.51 | $68.94 |
| Taxes, insurance & HOA | $380.17 | $380.17 |
| Total housing payment | $2,826.24 | $2,784.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,504
Closing costs & prepaids$11,298
Usable credit−$0
Total buyer cash needed$45,802
Earnest money paid−$0
Remaining funds due$45,802
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,829.90
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)$459.50
Initial HOA (3 months)$231.00
Prepaid interest, first (9 days)$552.52
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 8 moOf the original 30-year loan at 6.43%
Interest already paid$76,375Through Dec 2026
Assumption only · ends Aug 2053$415,834
New conventional · ends Jan 2057$503,995