Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,001/mo
Lowest payment- Down payment
- $38,819
- Funds due
- $50,132
- Interest + MI left
- $432,214
- First ends
- Aug 2053
New loan
New conventional
$3,065/mo
+$64/mo- Down payment
- $40,990
- Funds due
- $50,115
- Interest + MI left
- $559,477
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $371,081 | $368,910 |
| Second mortgage | — | — |
| First P&I | $2,386.95 | $2,554.26 |
| Second P&I | — | — |
| Mortgage insurance | $177.31 | $73.78 |
| Taxes, insurance & HOA | $437.17 | $437.17 |
| Total housing payment | $3,001.43 | $3,065.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,819
Closing costs & prepaids$11,313
Usable credit−$0
Total buyer cash needed$50,132
Earnest money paid−$0
Remaining funds due$50,132
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,099.00
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)$627.50
Initial HOA (3 months)$234.00
Prepaid interest, first (2 days)$127.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 9 moOf the original 30-year loan at 6.270%
Interest already paid$77,320Through Nov 2026
Assumption only · ends Aug 2053$432,214
New conventional · ends Dec 2056$559,477