Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,734/mo
+$50/mo- Down payment
- $27,611
- Funds due
- $38,735
- Interest + MI left
- $386,650
- First ends
- May 2053
New loan
New conventional
$2,684/mo
Lowest payment- Down payment
- $36,500
- Funds due
- $45,521
- Interest + MI left
- $480,321
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $337,389 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,178.73 | $2,225.37 |
| Second P&I | — | — |
| Mortgage insurance | $162.01 | $65.70 |
| Taxes, insurance & HOA | $393.00 | $393.00 |
| Total housing payment | $2,733.74 | $2,684.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,611
Closing costs & prepaids$11,125
Usable credit−$0
Total buyer cash needed$38,735
Earnest money paid−$0
Remaining funds due$38,735
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Initial HOA (3 months)$291.00
Prepaid interest, first (9 days)$520.78
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 5 moOf the original 30-year loan at 6.26%
Interest already paid$77,596Through Dec 2026
Assumption only · ends May 2053$386,650
New conventional · ends Jan 2057$480,321