Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,279/mo
+$47/mo- Down payment
- $19,586
- Funds due
- $29,820
- Interest + MI left
- $316,266
- First ends
- Apr 2053
New loan
New conventional
$2,232/mo
Lowest payment- Down payment
- $30,200
- Funds due
- $38,385
- Interest + MI left
- $397,417
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $282,414 | $271,800 |
| Second mortgage | — | — |
| First P&I | $1,806.54 | $1,841.27 |
| Second P&I | — | — |
| Mortgage insurance | $135.91 | $54.36 |
| Taxes, insurance & HOA | $336.83 | $336.83 |
| Total housing payment | $2,279.29 | $2,232.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,586
Closing costs & prepaids$10,234
Usable credit−$0
Total buyer cash needed$29,820
Earnest money paid−$0
Remaining funds due$29,820
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,020.00
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)$362.50
Initial HOA (3 months)$198.00
Prepaid interest, first (9 days)$428.26
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 6.15%
Interest already paid$65,372Through Dec 2026
Assumption only · ends Apr 2053$316,266
New conventional · ends Jan 2057$397,417