Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,597/mo
+$289/mo- Down payment
- $3,228
- Funds due
- $13,654
- Interest + MI left
- $374,081
- First ends
- Mar 2053
New loan
New conventional
$2,307/mo
Lowest payment- Down payment
- $31,200
- Funds due
- $39,527
- Interest + MI left
- $410,576
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $308,772 | $280,800 |
| Second mortgage | — | — |
| First P&I | $2,018.30 | $1,902.24 |
| Second P&I | — | — |
| Mortgage insurance | $229.52 | $56.16 |
| Taxes, insurance & HOA | $348.83 | $348.83 |
| Total housing payment | $2,596.65 | $2,307.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,228
Closing costs & prepaids$10,426
Usable credit−$0
Total buyer cash needed$13,654
Earnest money paid−$0
Remaining funds due$13,654
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,120.00
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)$374.50
Initial HOA (3 months)$222.00
Prepaid interest, first (9 days)$484.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3 moOf the original 30-year loan at 6.36%
Interest already paid$75,573Through Dec 2026
Assumption only · ends Mar 2053$374,081
New conventional · ends Jan 2057$410,576