Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,524/mo
Lowest payment- Down payment
- $39,304
- Funds due
- $50,173
- Interest + MI left
- $357,453
- First ends
- Jun 2053
New loan
New conventional
$2,565/mo
+$41/mo- Down payment
- $34,900
- Funds due
- $43,696
- Interest + MI left
- $459,266
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $309,696 | $314,100 |
| Second mortgage | — | — |
| First P&I | $2,001.32 | $2,127.82 |
| Second P&I | — | — |
| Mortgage insurance | $148.51 | $62.82 |
| Taxes, insurance & HOA | $374.58 | $374.58 |
| Total housing payment | $2,524.41 | $2,565.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,304
Closing costs & prepaids$10,868
Usable credit−$0
Total buyer cash needed$50,173
Earnest money paid−$0
Remaining funds due$50,173
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$418.75
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$479.56
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$69,739Through Dec 2026
Assumption only · ends Jun 2053$357,453
New conventional · ends Jan 2057$459,266