Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,625/mo
+$181/mo- Down payment
- $4,900
- Funds due
- $15,637
- Interest + MI left
- $368,297
- First ends
- Jun 2053
New loan
New conventional
$2,443/mo
Lowest payment- Down payment
- $32,399
- Funds due
- $41,035
- Interest + MI left
- $426,354
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $319,090 | $291,591 |
| Second mortgage | — | — |
| First P&I | $2,062.03 | $1,975.34 |
| Second P&I | — | — |
| Mortgage insurance | $153.01 | $58.32 |
| Taxes, insurance & HOA | $409.58 | $409.58 |
| Total housing payment | $2,624.63 | $2,443.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,900
Closing costs & prepaids$10,738
Usable credit−$0
Total buyer cash needed$15,637
Earnest money paid−$0
Remaining funds due$15,637
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,239.90
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)$388.75
Initial HOA (3 months)$390.00
Prepaid interest, first (9 days)$494.11
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 6 moOf the original 30-year loan at 6.28%
Interest already paid$71,855Through Dec 2026
Assumption only · ends Jun 2053$368,297
New conventional · ends Jan 2057$426,354