Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,395/mo
+$253/mo- Down payment
- $3,452
- Funds due
- $15,788
- Interest + MI left
- $431,112
- First ends
- Jun 2053
New loan
New conventional
$3,142/mo
Lowest payment- Down payment
- $36,800
- Funds due
- $46,974
- Interest + MI left
- $484,269
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $364,548 | $331,200 |
| Second mortgage | — | — |
| First P&I | $2,387.99 | $2,243.66 |
| Second P&I | — | — |
| Mortgage insurance | $174.61 | $66.24 |
| Taxes, insurance & HOA | $832.17 | $832.17 |
| Total housing payment | $3,394.77 | $3,142.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,452
Closing costs & prepaids$12,336
Usable credit−$0
Total buyer cash needed$15,788
Earnest money paid−$0
Remaining funds due$15,788
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,680.00
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)$441.50
Initial HOA (3 months)$1,605.00
Prepaid interest, first (6 days)$384.72
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 6.42%
Interest already paid$83,872Through Dec 2026
Assumption only · ends Jun 2053$431,112
New conventional · ends Jan 2057$484,269