Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,603/mo
+$126/mo- Down payment
- $27,703
- Funds due
- $38,466
- Interest + MI left
- $392,261
- First ends
- Sep 2053
New loan
New conventional
$2,477/mo
Lowest payment- Down payment
- $33,500
- Funds due
- $42,146
- Interest + MI left
- $440,843
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $307,297 | $301,500 |
| Second mortgage | — | — |
| First P&I | $2,082.50 | $2,042.47 |
| Second P&I | — | — |
| Mortgage insurance | $146.26 | $60.30 |
| Taxes, insurance & HOA | $374.00 | $374.00 |
| Total housing payment | $2,602.76 | $2,476.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,703
Closing costs & prepaids$10,763
Usable credit−$0
Total buyer cash needed$38,466
Earnest money paid−$0
Remaining funds due$38,466
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$402.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$516.01
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 6.81%
Interest already paid$69,402Through Dec 2026
Assumption only · ends Sep 2053$392,261
New conventional · ends Jan 2057$440,843