Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,871/mo
+$228/mo- Down payment
- $15,193
- Funds due
- $26,258
- Interest + MI left
- $434,782
- First ends
- Jul 2053
New loan
New conventional
$2,642/mo
Lowest payment- Down payment
- $36,400
- Funds due
- $45,304
- Interest + MI left
- $479,005
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $348,807 | $327,600 |
| Second mortgage | — | — |
| First P&I | $2,346.63 | $2,219.28 |
| Second P&I | — | — |
| Mortgage insurance | $166.51 | $65.52 |
| Taxes, insurance & HOA | $357.58 | $357.58 |
| Total housing payment | $2,870.72 | $2,642.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,193
Closing costs & prepaids$11,065
Usable credit−$0
Total buyer cash needed$26,258
Earnest money paid−$0
Remaining funds due$26,258
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,640.00
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)$436.75
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$577.11
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 7 moOf the original 30-year loan at 6.71%
Interest already paid$81,730Through Dec 2026
Assumption only · ends Jul 2053$434,782
New conventional · ends Jan 2057$479,005