Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,313/mo
+$33/mo- Down payment
- $28,584
- Funds due
- $38,686
- Interest + MI left
- $337,440
- First ends
- Apr 2053
New loan
New conventional
$2,280/mo
Lowest payment- Down payment
- $31,900
- Funds due
- $39,918
- Interest + MI left
- $419,788
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $290,416 | $287,100 |
| Second mortgage | — | — |
| First P&I | $1,895.98 | $1,944.92 |
| Second P&I | — | — |
| Mortgage insurance | $139.51 | $57.42 |
| Taxes, insurance & HOA | $277.58 | $277.58 |
| Total housing payment | $2,313.07 | $2,279.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,584
Closing costs & prepaids$10,101
Usable credit−$0
Total buyer cash needed$38,686
Earnest money paid−$0
Remaining funds due$38,686
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,190.00
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)$382.75
Prepaid interest, first (6 days)$303.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6.36%
Interest already paid$69,454Through Dec 2026
Assumption only · ends Apr 2053$337,440
New conventional · ends Jan 2057$419,788