Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,843/mo
+$119/mo- Down payment
- $17,961
- Funds due
- $29,148
- Interest + MI left
- $412,867
- First ends
- Jul 2053
New loan
New conventional
$2,724/mo
Lowest payment- Down payment
- $37,500
- Funds due
- $46,558
- Interest + MI left
- $493,481
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $357,039 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,302.20 | $2,286.34 |
| Second P&I | — | — |
| Mortgage insurance | $171.01 | $67.50 |
| Taxes, insurance & HOA | $370.00 | $370.00 |
| Total housing payment | $2,843.21 | $2,723.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,961
Closing costs & prepaids$11,187
Usable credit−$0
Total buyer cash needed$29,148
Earnest money paid−$0
Remaining funds due$29,148
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$551.99
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 6.27%
Interest already paid$78,312Through Dec 2026
Assumption only · ends Jul 2053$412,867
New conventional · ends Jan 2057$493,481