Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,867/mo
+$133/mo- Down payment
- $34,153
- Funds due
- $45,263
- Interest + MI left
- $425,347
- First ends
- Mar 2053
New loan
New conventional
$2,734/mo
Lowest payment- Down payment
- $38,700
- Funds due
- $47,689
- Interest + MI left
- $509,272
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $352,847 | $348,300 |
| Second mortgage | — | — |
| First P&I | $2,299.74 | $2,359.51 |
| Second P&I | — | — |
| Mortgage insurance | $262.35 | $69.66 |
| Taxes, insurance & HOA | $304.83 | $304.83 |
| Total housing payment | $2,866.92 | $2,734.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,153
Closing costs & prepaids$11,110
Usable credit−$0
Total buyer cash needed$45,263
Earnest money paid−$0
Remaining funds due$45,263
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,870.00
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)$464.50
Prepaid interest, first (9 days)$550.73
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 3 moOf the original 30-year loan at 6.33%
Interest already paid$85,965Through Dec 2026
Assumption only · ends Mar 2053$425,347
New conventional · ends Jan 2057$509,272