Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,118/mo
Lowest payment- Down payment
- $44,445
- Funds due
- $56,413
- Interest + MI left
- $451,326
- First ends
- Jul 2053
New loan
New conventional
$3,129/mo
+$11/mo- Down payment
- $43,000
- Funds due
- $52,820
- Interest + MI left
- $565,858
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $385,555 | $387,000 |
| Second mortgage | — | — |
| First P&I | $2,503.08 | $2,621.67 |
| Second P&I | — | — |
| Mortgage insurance | $184.57 | $77.40 |
| Taxes, insurance & HOA | $430.00 | $430.00 |
| Total housing payment | $3,117.65 | $3,129.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,445
Closing costs & prepaids$11,968
Usable credit−$0
Total buyer cash needed$56,413
Earnest money paid−$0
Remaining funds due$56,413
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$516.00
Initial HOA (3 months)$324.00
Prepaid interest, first (9 days)$602.73
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 7 moOf the original 30-year loan at 6.34%
Interest already paid$85,486Through Dec 2026
Assumption only · ends Jul 2053$451,326
New conventional · ends Jan 2057$565,858