Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,979/mo
+$127/mo- Down payment
- $18,809
- Funds due
- $30,276
- Interest + MI left
- $424,240
- First ends
- May 2053
New loan
New conventional
$2,852/mo
Lowest payment- Down payment
- $38,900
- Funds due
- $48,227
- Interest + MI left
- $511,904
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $370,191 | $350,100 |
| Second mortgage | — | — |
| First P&I | $2,390.55 | $2,371.70 |
| Second P&I | — | — |
| Mortgage insurance | $177.76 | $70.02 |
| Taxes, insurance & HOA | $410.25 | $410.25 |
| Total housing payment | $2,978.57 | $2,851.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,809
Closing costs & prepaids$11,467
Usable credit−$0
Total buyer cash needed$30,276
Earnest money paid−$0
Remaining funds due$30,276
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$466.75
Initial HOA (3 months)$314.01
Prepaid interest, first (9 days)$571.41
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$85,140Through Dec 2026
Assumption only · ends May 2053$424,240
New conventional · ends Jan 2057$511,904