Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,698/mo
Lowest payment- Down payment
- $41,582
- Funds due
- $52,272
- Interest + MI left
- $387,361
- First ends
- Apr 2053
New loan
New conventional
$2,785/mo
+$87/mo- Down payment
- $37,900
- Funds due
- $46,421
- Interest + MI left
- $517,301
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $337,418 | $341,100 |
| Second mortgage | — | — |
| First P&I | $2,181.03 | $2,361.71 |
| Second P&I | — | — |
| Mortgage insurance | $162.01 | $68.22 |
| Taxes, insurance & HOA | $355.42 | $355.42 |
| Total housing payment | $2,698.46 | $2,785.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,582
Closing costs & prepaids$10,689
Usable credit−$0
Total buyer cash needed$52,272
Earnest money paid−$0
Remaining funds due$52,272
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$616.25
Prepaid interest, first (1 days)$57.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.270%
Interest already paid$77,723Through Nov 2026
Assumption only · ends Apr 2053$387,361
New conventional · ends Dec 2056$517,301