Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,217/mo
+$275/mo- Down payment
- $640
- Funds due
- $12,311
- Interest + MI left
- $470,998
- First ends
- Jul 2053
New loan
New conventional
$2,942/mo
Lowest payment- Down payment
- $40,300
- Funds due
- $49,781
- Interest + MI left
- $530,327
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $402,360 | $362,700 |
| Second mortgage | — | — |
| First P&I | $2,612.18 | $2,457.06 |
| Second P&I | — | — |
| Mortgage insurance | $192.61 | $72.54 |
| Taxes, insurance & HOA | $412.17 | $412.17 |
| Total housing payment | $3,216.96 | $2,941.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$640
Closing costs & prepaids$11,671
Usable credit−$0
Total buyer cash needed$12,311
Earnest money paid−$0
Remaining funds due$12,311
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,030.00
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)$483.50
Initial HOA (3 months)$303.00
Prepaid interest, first (9 days)$629.00
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 6.34%
Interest already paid$89,212Through Dec 2026
Assumption only · ends Jul 2053$470,998
New conventional · ends Jan 2057$530,327