Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,114/mo
+$325/mo- Down payment
- $0
- Funds due
- $11,359
- Interest + MI left
- $454,437
- First ends
- Mar 2053
New loan
New conventional
$2,789/mo
Lowest payment- Down payment
- $38,490
- Funds due
- $47,662
- Interest + MI left
- $506,509
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $388,500 | $346,410 |
| Second mortgage | — | — |
| First P&I | $2,554.14 | $2,346.70 |
| Second P&I | — | — |
| Mortgage insurance | $186.76 | $69.28 |
| Taxes, insurance & HOA | $373.33 | $373.33 |
| Total housing payment | $3,114.23 | $2,789.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,359
Usable credit−$0
Total buyer cash needed$11,359
Earnest money paid−$0
Remaining funds due$11,359
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,849.00
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)$462.00
Initial HOA (3 months)$207.99
Prepaid interest, first (9 days)$615.00
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 3 moOf the original 30-year loan at 6.42%
Interest already paid$95,958Through Dec 2026
Assumption only · ends Mar 2053$454,437
New conventional · ends Jan 2057$506,509