Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,217/mo
Lowest payment- Down payment
- $25,700
- Funds due
- $36,083
- Interest + MI left
- $274,239
- First ends
- May 2053
New loan
New conventional
$2,220/mo
+$3/mo- Down payment
- $26,500
- Funds due
- $34,859
- Interest + MI left
- $348,726
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $239,300 | $238,500 |
| Second mortgage | — | — |
| First P&I | $1,545.31 | $1,615.68 |
| Second P&I | — | — |
| Mortgage insurance | $114.91 | $47.70 |
| Taxes, insurance & HOA | $557.00 | $557.00 |
| Total housing payment | $2,217.22 | $2,220.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,700
Closing costs & prepaids$10,383
Usable credit−$0
Total buyer cash needed$36,083
Earnest money paid−$0
Remaining funds due$36,083
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$318.00
Initial HOA (3 months)$903.00
Prepaid interest, first (7 days)$287.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 5 moOf the original 30-year loan at 6.26%
Interest already paid$55,036Through Dec 2026
Assumption only · ends May 2053$274,239
New conventional · ends Jan 2057$348,726