Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,493/mo
+$315/mo- Down payment
- $18,590
- Funds due
- $30,384
- Interest + MI left
- $521,447
- First ends
- Mar 2053
New loan
New conventional
$3,178/mo
Lowest payment- Down payment
- $44,900
- Funds due
- $54,472
- Interest + MI left
- $590,861
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $430,410 | $404,100 |
| Second mortgage | — | — |
| First P&I | $2,813.39 | $2,737.51 |
| Second P&I | — | — |
| Mortgage insurance | $319.93 | $80.82 |
| Taxes, insurance & HOA | $359.58 | $359.58 |
| Total housing payment | $3,492.91 | $3,177.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,590
Closing costs & prepaids$11,794
Usable credit−$0
Total buyer cash needed$30,384
Earnest money paid−$0
Remaining funds due$30,384
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$538.75
Initial HOA (3 months)$90.00
Prepaid interest, first (6 days)$449.98
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 3 moOf the original 30-year loan at 6.36%
Interest already paid$105,344Through Dec 2026
Assumption only · ends Mar 2053$521,447
New conventional · ends Jan 2057$590,861