Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,718/mo
+$175/mo- Down payment
- $23,542
- Funds due
- $34,405
- Interest + MI left
- $389,450
- First ends
- Mar 2053
New loan
New conventional
$2,544/mo
Lowest payment- Down payment
- $34,500
- Funds due
- $43,264
- Interest + MI left
- $454,002
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $321,458 | $310,500 |
| Second mortgage | — | — |
| First P&I | $2,101.22 | $2,103.44 |
| Second P&I | — | — |
| Mortgage insurance | $238.95 | $62.10 |
| Taxes, insurance & HOA | $378.00 | $378.00 |
| Total housing payment | $2,718.17 | $2,543.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,542
Closing costs & prepaids$10,863
Usable credit−$0
Total buyer cash needed$34,405
Earnest money paid−$0
Remaining funds due$34,405
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$414.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$504.12
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 3 moOf the original 30-year loan at 6.36%
Interest already paid$78,678Through Dec 2026
Assumption only · ends Mar 2053$389,450
New conventional · ends Jan 2057$454,002