Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,499/mo
+$20/mo- Down payment
- $25,419
- Funds due
- $36,154
- Interest + MI left
- $342,613
- First ends
- Apr 2053
New loan
New conventional
$2,479/mo
Lowest payment- Down payment
- $33,300
- Funds due
- $41,969
- Interest + MI left
- $438,211
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $307,581 | $299,700 |
| Second mortgage | — | — |
| First P&I | $1,961.78 | $2,030.27 |
| Second P&I | — | — |
| Mortgage insurance | $148.06 | $59.94 |
| Taxes, insurance & HOA | $388.84 | $388.84 |
| Total housing payment | $2,498.68 | $2,479.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,419
Closing costs & prepaids$10,736
Usable credit−$0
Total buyer cash needed$36,154
Earnest money paid−$0
Remaining funds due$36,154
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,330.00
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)$399.50
Initial HOA (3 months)$317.01
Prepaid interest, first (9 days)$464.15
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 4 moOf the original 30-year loan at 6.12%
Interest already paid$70,860Through Dec 2026
Assumption only · ends Apr 2053$342,613
New conventional · ends Jan 2057$438,211