Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,737/mo
+$52/mo- Down payment
- $36,440
- Funds due
- $47,322
- Interest + MI left
- $408,662
- First ends
- Jun 2053
New loan
New conventional
$2,685/mo
Lowest payment- Down payment
- $37,500
- Funds due
- $46,241
- 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 | $338,560 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,243.53 | $2,286.34 |
| Second P&I | — | — |
| Mortgage insurance | $162.01 | $67.50 |
| Taxes, insurance & HOA | $331.00 | $331.00 |
| Total housing payment | $2,736.55 | $2,684.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,440
Closing costs & prepaids$10,882
Usable credit−$0
Total buyer cash needed$47,322
Earnest money paid−$0
Remaining funds due$47,322
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)$93.00
Prepaid interest, first (6 days)$363.98
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 6 moOf the original 30-year loan at 6.54%
Interest already paid$79,309Through Dec 2026
Assumption only · ends Jun 2053$408,662
New conventional · ends Jan 2057$493,481