Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,958/mo
+$100/mo- Down payment
- $25,001
- Funds due
- $36,503
- Interest + MI left
- $400,403
- First ends
- Jun 2053
New loan
New conventional
$2,859/mo
Lowest payment- Down payment
- $36,300
- Funds due
- $45,668
- Interest + MI left
- $477,689
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $337,999 | $326,700 |
| Second mortgage | — | — |
| First P&I | $2,216.22 | $2,213.18 |
| Second P&I | — | — |
| Mortgage insurance | $161.88 | $65.34 |
| Taxes, insurance & HOA | $580.17 | $580.17 |
| Total housing payment | $2,958.27 | $2,858.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,001
Closing costs & prepaids$11,503
Usable credit−$0
Total buyer cash needed$36,503
Earnest money paid−$0
Remaining funds due$36,503
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,630.00
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)$435.50
Initial HOA (3 months)$855.00
Prepaid interest, first (6 days)$357.26
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 6.43%
Interest already paid$77,882Through Dec 2026
Assumption only · ends Jun 2053$400,403
New conventional · ends Jan 2057$477,689