Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,731/mo
Lowest payment- Down payment
- $41,469
- Funds due
- $52,192
- Interest + MI left
- $399,215
- First ends
- Jun 2053
New loan
New conventional
$2,771/mo
+$40/mo- Down payment
- $37,100
- Funds due
- $45,660
- Interest + MI left
- $506,382
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $329,531 | $333,900 |
| Second mortgage | — | — |
| First P&I | $2,181.15 | $2,311.86 |
| Second P&I | — | — |
| Mortgage insurance | $157.51 | $66.78 |
| Taxes, insurance & HOA | $392.83 | $392.83 |
| Total housing payment | $2,731.49 | $2,771.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,469
Closing costs & prepaids$10,723
Usable credit−$0
Total buyer cash needed$52,192
Earnest money paid−$0
Remaining funds due$52,192
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,710.00
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)$443.50
Initial HOA (3 months)$285.00
Prepaid interest, first (1 days)$59.04
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 7 moOf the original 30-year loan at 6.540%
Interest already paid$75,308Through Nov 2026
Assumption only · ends Jun 2053$399,215
New conventional · ends Dec 2056$506,382