Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,988/mo
+$62/mo- Down payment
- $34,708
- Funds due
- $46,329
- Interest + MI left
- $408,338
- First ends
- Jun 2053
New loan
New conventional
$2,925/mo
Lowest payment- Down payment
- $37,300
- Funds due
- $46,781
- Interest + MI left
- $490,849
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $338,292 | $335,700 |
| Second mortgage | — | — |
| First P&I | $2,241.76 | $2,274.15 |
| Second P&I | — | — |
| Mortgage insurance | $161.88 | $67.14 |
| Taxes, insurance & HOA | $584.17 | $584.17 |
| Total housing payment | $2,987.81 | $2,925.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,708
Closing costs & prepaids$11,621
Usable credit−$0
Total buyer cash needed$46,329
Earnest money paid−$0
Remaining funds due$46,329
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,730.00
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)$447.50
Initial HOA (3 months)$855.00
Prepaid interest, first (6 days)$363.69
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$79,247Through Dec 2026
Assumption only · ends Jun 2053$408,338
New conventional · ends Jan 2057$490,849