Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,314/mo
+$189/mo- Down payment
- $9,589
- Funds due
- $21,580
- Interest + MI left
- $472,514
- First ends
- May 2053
New loan
New conventional
$3,125/mo
Lowest payment- Down payment
- $43,000
- Funds due
- $52,808
- Interest + MI left
- $565,858
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $420,411 | $387,000 |
| Second mortgage | — | — |
| First P&I | $2,685.89 | $2,621.67 |
| Second P&I | — | — |
| Mortgage insurance | $202.06 | $77.40 |
| Taxes, insurance & HOA | $426.00 | $426.00 |
| Total housing payment | $3,313.95 | $3,125.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,589
Closing costs & prepaids$11,991
Usable credit−$0
Total buyer cash needed$21,580
Earnest money paid−$0
Remaining funds due$21,580
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$516.00
Initial HOA (3 months)$312.00
Prepaid interest, first (9 days)$637.53
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 6.15%
Interest already paid$95,037Through Dec 2026
Assumption only · ends May 2053$472,514
New conventional · ends Jan 2057$565,858