Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,777/mo
+$97/mo- Down payment
- $12,365
- Funds due
- $23,014
- Interest + MI left
- $387,866
- First ends
- May 2053
New loan
New conventional
$2,680/mo
Lowest payment- Down payment
- $34,900
- Funds due
- $43,406
- Interest + MI left
- $476,354
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $336,635 | $314,100 |
| Second mortgage | — | — |
| First P&I | $2,173.29 | $2,174.76 |
| Second P&I | — | — |
| Mortgage insurance | $161.44 | $62.82 |
| Taxes, insurance & HOA | $442.08 | $442.08 |
| Total housing payment | $2,776.81 | $2,679.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,365
Closing costs & prepaids$10,649
Usable credit−$0
Total buyer cash needed$23,014
Earnest money paid−$0
Remaining funds due$23,014
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$536.25
Initial HOA (3 months)$339.99
Prepaid interest, first (1 days)$57.83
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 6 moOf the original 30-year loan at 6.270%
Interest already paid$75,688Through Nov 2026
Assumption only · ends May 2053$387,866
New conventional · ends Dec 2056$476,354