Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,415/mo
+$145/mo- Down payment
- $26,990
- Funds due
- $39,308
- Interest + MI left
- $494,334
- First ends
- Jun 2053
New loan
New conventional
$3,270/mo
Lowest payment- Down payment
- $44,500
- Funds due
- $54,620
- Interest + MI left
- $585,596
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $418,009 | $400,499 |
| Second mortgage | — | — |
| First P&I | $2,738.19 | $2,713.12 |
| Second P&I | — | — |
| Mortgage insurance | $200.22 | $80.10 |
| Taxes, insurance & HOA | $477.00 | $477.00 |
| Total housing payment | $3,415.41 | $3,270.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,990
Closing costs & prepaids$12,318
Usable credit−$0
Total buyer cash needed$39,308
Earnest money paid−$0
Remaining funds due$39,308
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,449.99
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)$534.00
Initial HOA (3 months)$447.00
Prepaid interest, first (9 days)$661.71
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 6.42%
Interest already paid$96,172Through Dec 2026
Assumption only · ends Jun 2053$494,334
New conventional · ends Jan 2057$585,596