Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,861/mo
+$35/mo- Down payment
- $43,847
- Funds due
- $55,271
- Interest + MI left
- $427,098
- First ends
- Sep 2053
New loan
New conventional
$2,826/mo
Lowest payment- Down payment
- $38,400
- Funds due
- $47,690
- Interest + MI left
- $505,324
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $340,153 | $345,600 |
| Second mortgage | — | — |
| First P&I | $2,283.27 | $2,341.21 |
| Second P&I | — | — |
| Mortgage insurance | $162.01 | $69.12 |
| Taxes, insurance & HOA | $415.58 | $415.58 |
| Total housing payment | $2,860.86 | $2,825.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,847
Closing costs & prepaids$11,425
Usable credit−$0
Total buyer cash needed$55,271
Earnest money paid−$0
Remaining funds due$55,271
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,840.00
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)$460.75
Initial HOA (3 months)$336.00
Prepaid interest, first (9 days)$562.79
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 9 moOf the original 30-year loan at 6.71%
Interest already paid$75,722Through Dec 2026
Assumption only · ends Sep 2053$427,098
New conventional · ends Jan 2057$505,324