Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,058/mo
+$50/mo- Down payment
- $36,289
- Funds due
- $48,020
- Interest + MI left
- $445,552
- First ends
- Jun 2053
New loan
New conventional
$3,008/mo
Lowest payment- Down payment
- $41,500
- Funds due
- $51,080
- Interest + MI left
- $546,119
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $378,711 | $373,500 |
| Second mortgage | — | — |
| First P&I | $2,473.58 | $2,530.22 |
| Second P&I | — | — |
| Mortgage insurance | $181.44 | $74.70 |
| Taxes, insurance & HOA | $403.00 | $403.00 |
| Total housing payment | $3,058.02 | $3,007.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,289
Closing costs & prepaids$11,731
Usable credit−$0
Total buyer cash needed$48,020
Earnest money paid−$0
Remaining funds due$48,020
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Initial HOA (3 months)$261.00
Prepaid interest, first (9 days)$596.70
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 6 moOf the original 30-year loan at 6.39%
Interest already paid$86,734Through Dec 2026
Assumption only · ends Jun 2053$445,552
New conventional · ends Jan 2057$546,119