Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,216/mo
+$83/mo- Down payment
- $12,547
- Funds due
- $22,128
- Interest + MI left
- $327,483
- First ends
- Aug 2053
New loan
New conventional
$2,133/mo
Lowest payment- Down payment
- $28,600
- Funds due
- $36,099
- Interest + MI left
- $390,364
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $273,453 | $257,400 |
| Second mortgage | — | — |
| First P&I | $1,786.64 | $1,782.19 |
| Second P&I | — | — |
| Mortgage insurance | $130.50 | $51.48 |
| Taxes, insurance & HOA | $299.25 | $299.25 |
| Total housing payment | $2,216.40 | $2,132.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,547
Closing costs & prepaids$9,581
Usable credit−$0
Total buyer cash needed$22,128
Earnest money paid−$0
Remaining funds due$22,128
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,860.00
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)$282.75
Initial HOA (3 months)$165.00
Prepaid interest, first (1 days)$48.17
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$58,395Through Nov 2026
Assumption only · ends Aug 2053$327,483
New conventional · ends Dec 2056$390,364