Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,956/mo
Lowest payment- Down payment
- $39,267
- Funds due
- $50,890
- Interest + MI left
- $430,139
- First ends
- Aug 2053
New loan
New conventional
$2,965/mo
+$9/mo- Down payment
- $40,990
- Funds due
- $50,483
- Interest + MI left
- $539,407
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $370,633 | $368,910 |
| Second mortgage | — | — |
| First P&I | $2,386.95 | $2,499.12 |
| Second P&I | — | — |
| Mortgage insurance | $177.31 | $73.78 |
| Taxes, insurance & HOA | $392.00 | $392.00 |
| Total housing payment | $2,956.26 | $2,964.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,267
Closing costs & prepaids$11,623
Usable credit−$0
Total buyer cash needed$50,890
Earnest money paid−$0
Remaining funds due$50,890
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,099.00
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)$492.00
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$573.01
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 6.27%
Interest already paid$79,259Through Dec 2026
Assumption only · ends Aug 2053$430,139
New conventional · ends Jan 2057$539,407