Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,730/mo
+$106/mo- Down payment
- $18,611
- Funds due
- $29,635
- Interest + MI left
- $386,650
- First ends
- May 2053
New loan
New conventional
$2,624/mo
Lowest payment- Down payment
- $35,600
- Funds due
- $44,514
- Interest + MI left
- $468,478
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $337,389 | $320,400 |
| Second mortgage | — | — |
| First P&I | $2,178.73 | $2,170.50 |
| Second P&I | — | — |
| Mortgage insurance | $162.01 | $64.08 |
| Taxes, insurance & HOA | $389.42 | $389.42 |
| Total housing payment | $2,730.16 | $2,624.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,611
Closing costs & prepaids$11,024
Usable credit−$0
Total buyer cash needed$29,635
Earnest money paid−$0
Remaining funds due$29,635
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,560.00
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)$427.25
Initial HOA (3 months)$291.00
Prepaid interest, first (9 days)$520.78
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 5 moOf the original 30-year loan at 6.26%
Interest already paid$77,596Through Dec 2026
Assumption only · ends May 2053$386,650
New conventional · ends Jan 2057$468,478