Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,705/mo
+$112/mo- Down payment
- $17,362
- Funds due
- $28,374
- Interest + MI left
- $374,769
- First ends
- Apr 2053
New loan
New conventional
$2,593/mo
Lowest payment- Down payment
- $34,500
- Funds due
- $43,411
- Interest + MI left
- $454,002
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $327,638 | $310,500 |
| Second mortgage | — | — |
| First P&I | $2,120.45 | $2,103.44 |
| Second P&I | — | — |
| Mortgage insurance | $157.51 | $62.10 |
| Taxes, insurance & HOA | $427.00 | $427.00 |
| Total housing payment | $2,704.96 | $2,592.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,362
Closing costs & prepaids$11,013
Usable credit−$0
Total buyer cash needed$28,374
Earnest money paid−$0
Remaining funds due$28,374
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$414.00
Initial HOA (3 months)$417.00
Prepaid interest, first (9 days)$506.54
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 4 moOf the original 30-year loan at 6.27%
Interest already paid$77,278Through Dec 2026
Assumption only · ends Apr 2053$374,769
New conventional · ends Jan 2057$454,002