Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,861/mo
+$77/mo- Down payment
- $24,793
- Funds due
- $36,431
- Interest + MI left
- $373,737
- First ends
- Aug 2053
New loan
New conventional
$2,784/mo
Lowest payment- Down payment
- $33,800
- Funds due
- $43,342
- Interest + MI left
- $444,791
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $313,207 | $304,200 |
| Second mortgage | — | — |
| First P&I | $2,048.79 | $2,060.76 |
| Second P&I | — | — |
| Mortgage insurance | $149.65 | $60.84 |
| Taxes, insurance & HOA | $662.17 | $662.17 |
| Total housing payment | $2,860.61 | $2,783.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,793
Closing costs & prepaids$11,638
Usable credit−$0
Total buyer cash needed$36,431
Earnest money paid−$0
Remaining funds due$36,431
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,380.00
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)$405.50
Initial HOA (3 months)$1,131.00
Prepaid interest, first (9 days)$496.58
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$68,643Through Dec 2026
Assumption only · ends Aug 2053$373,737
New conventional · ends Jan 2057$444,791