Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,959/mo
+$120/mo- Down payment
- $28,519
- Funds due
- $39,958
- Interest + MI left
- $440,531
- First ends
- Aug 2053
New loan
New conventional
$2,838/mo
Lowest payment- Down payment
- $38,900
- Funds due
- $48,186
- Interest + MI left
- $511,904
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $360,481 | $350,100 |
| Second mortgage | — | — |
| First P&I | $2,390.13 | $2,371.70 |
| Second P&I | — | — |
| Mortgage insurance | $172.06 | $70.02 |
| Taxes, insurance & HOA | $396.58 | $396.58 |
| Total housing payment | $2,958.77 | $2,838.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,519
Closing costs & prepaids$11,439
Usable credit−$0
Total buyer cash needed$39,958
Earnest money paid−$0
Remaining funds due$39,958
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$466.75
Initial HOA (3 months)$273.00
Prepaid interest, first (9 days)$583.98
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$80,680Through Dec 2026
Assumption only · ends Aug 2053$440,531
New conventional · ends Jan 2057$511,904