Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,363/mo
Lowest payment- Down payment
- $35,000
- Funds due
- $45,516
- Interest + MI left
- $340,079
- First ends
- Aug 2053
New loan
New conventional
$2,372/mo
+$8/mo- Down payment
- $32,000
- Funds due
- $40,454
- Interest + MI left
- $421,104
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $285,000 | $288,000 |
| Second mortgage | — | — |
| First P&I | $1,864.28 | $1,951.01 |
| Second P&I | — | — |
| Mortgage insurance | $136.18 | $57.60 |
| Taxes, insurance & HOA | $363.00 | $363.00 |
| Total housing payment | $2,363.46 | $2,371.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,000
Closing costs & prepaids$10,516
Usable credit−$0
Total buyer cash needed$45,516
Earnest money paid−$0
Remaining funds due$45,516
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$384.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$451.86
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 8 moOf the original 30-year loan at 6.43%
Interest already paid$62,461Through Dec 2026
Assumption only · ends Aug 2053$340,079
New conventional · ends Jan 2057$421,104