Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,549/mo
+$159/mo- Down payment
- $2,118
- Funds due
- $12,247
- Interest + MI left
- $367,316
- First ends
- Jun 2053
New loan
New conventional
$2,391/mo
Lowest payment- Down payment
- $31,700
- Funds due
- $39,718
- Interest + MI left
- $432,677
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $314,882 | $285,300 |
| Second mortgage | — | — |
| First P&I | $2,040.29 | $1,975.36 |
| Second P&I | — | — |
| Mortgage insurance | $150.76 | $57.06 |
| Taxes, insurance & HOA | $358.25 | $358.25 |
| Total housing payment | $2,549.30 | $2,390.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,118
Closing costs & prepaids$10,129
Usable credit−$0
Total buyer cash needed$12,247
Earnest money paid−$0
Remaining funds due$12,247
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,170.00
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)$294.75
Initial HOA (3 months)$330.00
Prepaid interest, first (2 days)$109.04
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 7 moOf the original 30-year loan at 6.320%
Interest already paid$69,602Through Nov 2026
Assumption only · ends Jun 2053$367,316
New conventional · ends Dec 2056$432,677