Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,523/mo
+$13/mo- Down payment
- $36,462
- Funds due
- $47,341
- Interest + MI left
- $351,904
- First ends
- Jun 2053
New loan
New conventional
$2,510/mo
Lowest payment- Down payment
- $32,800
- Funds due
- $41,603
- Interest + MI left
- $431,631
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $291,538 | $295,200 |
| Second mortgage | — | — |
| First P&I | $1,931.93 | $1,999.79 |
| Second P&I | — | — |
| Mortgage insurance | $139.51 | $59.04 |
| Taxes, insurance & HOA | $451.17 | $451.17 |
| Total housing payment | $2,522.61 | $2,509.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,462
Closing costs & prepaids$10,879
Usable credit−$0
Total buyer cash needed$47,341
Earnest money paid−$0
Remaining funds due$47,341
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,280.00
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)$393.50
Initial HOA (3 months)$510.00
Prepaid interest, first (9 days)$470.13
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 6 moOf the original 30-year loan at 6.54%
Interest already paid$68,294Through Dec 2026
Assumption only · ends Jun 2053$351,904
New conventional · ends Jan 2057$431,631