Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,893/mo
+$174/mo- Down payment
- $19,646
- Funds due
- $30,828
- Interest + MI left
- $436,710
- First ends
- Aug 2053
New loan
New conventional
$2,719/mo
Lowest payment- Down payment
- $37,700
- Funds due
- $46,727
- Interest + MI left
- $496,113
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $357,354 | $339,300 |
| Second mortgage | — | — |
| First P&I | $2,369.40 | $2,298.54 |
| Second P&I | — | — |
| Mortgage insurance | $170.57 | $67.86 |
| Taxes, insurance & HOA | $352.83 | $352.83 |
| Total housing payment | $2,892.80 | $2,719.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,646
Closing costs & prepaids$11,182
Usable credit−$0
Total buyer cash needed$30,828
Earnest money paid−$0
Remaining funds due$30,828
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,770.00
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)$452.50
Initial HOA (3 months)$156.00
Prepaid interest, first (9 days)$578.91
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 8 moOf the original 30-year loan at 6.57%
Interest already paid$79,980Through Dec 2026
Assumption only · ends Aug 2053$436,710
New conventional · ends Jan 2057$496,113