Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,373/mo
+$54/mo- Down payment
- $29,079
- Funds due
- $39,689
- Interest + MI left
- $326,233
- First ends
- Sep 2053
New loan
New conventional
$2,319/mo
Lowest payment- Down payment
- $28,890
- Funds due
- $37,442
- Interest + MI left
- $380,178
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $259,821 | $260,010 |
| Second mortgage | — | — |
| First P&I | $1,744.04 | $1,761.40 |
| Second P&I | — | — |
| Mortgage insurance | $123.75 | $52.00 |
| Taxes, insurance & HOA | $505.58 | $505.58 |
| Total housing payment | $2,373.38 | $2,318.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,079
Closing costs & prepaids$10,611
Usable credit−$0
Total buyer cash needed$39,689
Earnest money paid−$0
Remaining funds due$39,689
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,889.00
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)$346.75
Initial HOA (3 months)$720.00
Prepaid interest, first (9 days)$429.88
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$57,839Through Dec 2026
Assumption only · ends Sep 2053$326,233
New conventional · ends Jan 2057$380,178