Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,077/mo
Lowest payment- Down payment
- $29,289
- Funds due
- $39,461
- Interest + MI left
- $266,514
- First ends
- Jul 2053
New loan
New conventional
$2,098/mo
+$20/mo- Down payment
- $25,500
- Funds due
- $33,667
- Interest + MI left
- $335,567
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $225,711 | $229,500 |
| Second mortgage | — | — |
| First P&I | $1,472.48 | $1,554.71 |
| Second P&I | — | — |
| Mortgage insurance | $108.01 | $45.90 |
| Taxes, insurance & HOA | $497.00 | $497.00 |
| Total housing payment | $2,077.49 | $2,097.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,289
Closing costs & prepaids$10,172
Usable credit−$0
Total buyer cash needed$39,461
Earnest money paid−$0
Remaining funds due$39,461
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,550.00
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)$306.00
Initial HOA (3 months)$735.00
Prepaid interest, first (9 days)$355.63
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 7 moOf the original 30-year loan at 6.39%
Interest already paid$50,429Through Dec 2026
Assumption only · ends Jul 2053$266,514
New conventional · ends Jan 2057$335,567