Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,460/mo
+$116/mo- Down payment
- $10,725
- Funds due
- $21,212
- Interest + MI left
- $340,748
- First ends
- Apr 2053
New loan
New conventional
$2,344/mo
Lowest payment- Down payment
- $31,500
- Funds due
- $39,913
- Interest + MI left
- $414,524
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $304,275 | $283,500 |
| Second mortgage | — | — |
| First P&I | $1,946.39 | $1,920.53 |
| Second P&I | — | — |
| Mortgage insurance | $146.43 | $56.70 |
| Taxes, insurance & HOA | $367.00 | $367.00 |
| Total housing payment | $2,459.82 | $2,344.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,725
Closing costs & prepaids$10,487
Usable credit−$0
Total buyer cash needed$21,212
Earnest money paid−$0
Remaining funds due$21,212
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Initial HOA (3 months)$273.00
Prepaid interest, first (9 days)$461.41
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$70,432Through Dec 2026
Assumption only · ends Apr 2053$340,748
New conventional · ends Jan 2057$414,524