Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,868/mo
+$219/mo- Down payment
- $4,637
- Funds due
- $15,894
- Interest + MI left
- $398,982
- First ends
- Aug 2053
New loan
New conventional
$2,648/mo
Lowest payment- Down payment
- $33,900
- Funds due
- $43,028
- Interest + MI left
- $446,107
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $334,363 | $305,100 |
| Second mortgage | — | — |
| First P&I | $2,187.18 | $2,066.85 |
| Second P&I | — | — |
| Mortgage insurance | $159.76 | $61.02 |
| Taxes, insurance & HOA | $520.58 | $520.58 |
| Total housing payment | $2,867.52 | $2,648.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,637
Closing costs & prepaids$11,257
Usable credit−$0
Total buyer cash needed$15,894
Earnest money paid−$0
Remaining funds due$15,894
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$406.75
Initial HOA (3 months)$705.00
Prepaid interest, first (9 days)$530.13
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 8 moOf the original 30-year loan at 6.43%
Interest already paid$73,280Through Dec 2026
Assumption only · ends Aug 2053$398,982
New conventional · ends Jan 2057$446,107