Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,455/mo
+$64/mo- Down payment
- $22,856
- Funds due
- $33,365
- Interest + MI left
- $351,213
- First ends
- Apr 2053
New loan
New conventional
$2,391/mo
Lowest payment- Down payment
- $32,990
- Funds due
- $41,421
- Interest + MI left
- $434,132
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $307,044 | $296,910 |
| Second mortgage | — | — |
| First P&I | $1,987.16 | $2,011.37 |
| Second P&I | — | — |
| Mortgage insurance | $147.61 | $59.38 |
| Taxes, insurance & HOA | $320.33 | $320.33 |
| Total housing payment | $2,455.10 | $2,391.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,856
Closing costs & prepaids$10,510
Usable credit−$0
Total buyer cash needed$33,365
Earnest money paid−$0
Remaining funds due$33,365
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$396.00
Initial HOA (3 months)$114.99
Prepaid interest, first (9 days)$474.70
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 4 moOf the original 30-year loan at 6.27%
Interest already paid$72,421Through Dec 2026
Assumption only · ends Apr 2053$351,213
New conventional · ends Jan 2057$434,132