Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,863/mo
+$86/mo- Down payment
- $28,518
- Funds due
- $39,785
- Interest + MI left
- $425,972
- First ends
- Aug 2053
New loan
New conventional
$2,777/mo
Lowest payment- Down payment
- $38,550
- Funds due
- $47,679
- Interest + MI left
- $507,298
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $356,982 | $346,950 |
| Second mortgage | — | — |
| First P&I | $2,335.14 | $2,350.36 |
| Second P&I | — | — |
| Mortgage insurance | $170.57 | $69.39 |
| Taxes, insurance & HOA | $356.84 | $356.84 |
| Total housing payment | $2,862.54 | $2,776.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,518
Closing costs & prepaids$11,266
Usable credit−$0
Total buyer cash needed$39,785
Earnest money paid−$0
Remaining funds due$39,785
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,855.00
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)$462.50
Initial HOA (3 months)$158.01
Prepaid interest, first (9 days)$565.99
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$78,237Through Dec 2026
Assumption only · ends Aug 2053$425,972
New conventional · ends Jan 2057$507,298