Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,869/mo
+$85/mo- Down payment
- $23,740
- Funds due
- $35,075
- Interest + MI left
- $405,982
- First ends
- May 2053
New loan
New conventional
$2,784/mo
Lowest payment- Down payment
- $37,800
- Funds due
- $47,013
- Interest + MI left
- $497,427
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $354,259 | $340,199 |
| Second mortgage | — | — |
| First P&I | $2,287.67 | $2,304.63 |
| Second P&I | — | — |
| Mortgage insurance | $170.11 | $68.04 |
| Taxes, insurance & HOA | $411.17 | $411.17 |
| Total housing payment | $2,868.95 | $2,783.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,740
Closing costs & prepaids$11,335
Usable credit−$0
Total buyer cash needed$35,075
Earnest money paid−$0
Remaining funds due$35,075
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,779.99
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)$453.50
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$546.82
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$81,476Through Dec 2026
Assumption only · ends May 2053$405,982
New conventional · ends Jan 2057$497,427