Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,994/mo
+$34/mo- Down payment
- $28,471
- Funds due
- $39,600
- Interest + MI left
- $431,764
- First ends
- Aug 2053
New loan
New conventional
$2,961/mo
Lowest payment- Down payment
- $38,900
- Funds due
- $47,847
- Interest + MI left
- $530,950
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $360,529 | $350,100 |
| Second mortgage | — | — |
| First P&I | $2,355.57 | $2,424.02 |
| Second P&I | — | — |
| Mortgage insurance | $172.06 | $70.02 |
| Taxes, insurance & HOA | $466.67 | $466.67 |
| Total housing payment | $2,994.29 | $2,960.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,471
Closing costs & prepaids$11,129
Usable credit−$0
Total buyer cash needed$39,600
Earnest money paid−$0
Remaining funds due$39,600
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$677.00
Initial HOA (3 months)$273.00
Prepaid interest, first (1 days)$63.51
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 9 moOf the original 30-year loan at 6.430%
Interest already paid$76,990Through Nov 2026
Assumption only · ends Aug 2053$431,764
New conventional · ends Dec 2056$530,950