Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,375/mo
+$323/mo- Down payment
- $29,533
- Funds due
- $41,353
- Interest + MI left
- $487,532
- First ends
- Jan 2053
New loan
New conventional
$3,052/mo
Lowest payment- Down payment
- $40,000
- Funds due
- $49,623
- Interest + MI left
- $526,380
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $370,467 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,559.54 | $2,438.77 |
| Second P&I | — | — |
| Mortgage insurance | $274.72 | $72.00 |
| Taxes, insurance & HOA | $541.00 | $541.00 |
| Total housing payment | $3,375.26 | $3,051.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,533
Closing costs & prepaids$11,819
Usable credit−$0
Total buyer cash needed$41,353
Earnest money paid−$0
Remaining funds due$41,353
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Initial HOA (3 months)$693.00
Prepaid interest, first (6 days)$421.42
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 1 moOf the original 30-year loan at 6.92%
Interest already paid$102,920Through Dec 2026
Assumption only · ends Jan 2053$487,532
New conventional · ends Jan 2057$526,380