Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,020/mo
+$29/mo- Down payment
- $35,337
- Funds due
- $47,008
- Interest + MI left
- $434,981
- First ends
- May 2053
New loan
New conventional
$2,991/mo
Lowest payment- Down payment
- $41,490
- Funds due
- $51,021
- Interest + MI left
- $545,987
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $379,563 | $373,410 |
| Second mortgage | — | — |
| First P&I | $2,451.07 | $2,529.61 |
| Second P&I | — | — |
| Mortgage insurance | $182.26 | $74.68 |
| Taxes, insurance & HOA | $387.00 | $387.00 |
| Total housing payment | $3,020.34 | $2,991.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,337
Closing costs & prepaids$11,671
Usable credit−$0
Total buyer cash needed$47,008
Earnest money paid−$0
Remaining funds due$47,008
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,149.00
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)$213.00
Prepaid interest, first (9 days)$585.88
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 5 moOf the original 30-year loan at 6.26%
Interest already paid$87,295Through Dec 2026
Assumption only · ends May 2053$434,981
New conventional · ends Jan 2057$545,987