Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,462/mo
Lowest payment- Down payment
- $36,121
- Funds due
- $46,399
- Interest + MI left
- $353,602
- First ends
- Jun 2053
New loan
New conventional
$2,493/mo
+$32/mo- Down payment
- $32,800
- Funds due
- $40,958
- Interest + MI left
- $447,691
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $291,879 | $295,200 |
| Second mortgage | — | — |
| First P&I | $1,931.93 | $2,043.91 |
| Second P&I | — | — |
| Mortgage insurance | $139.51 | $59.04 |
| Taxes, insurance & HOA | $390.42 | $390.42 |
| Total housing payment | $2,461.86 | $2,493.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,121
Closing costs & prepaids$10,279
Usable credit−$0
Total buyer cash needed$46,399
Earnest money paid−$0
Remaining funds due$46,399
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,280.00
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)$211.25
Initial HOA (3 months)$510.00
Prepaid interest, first (1 days)$52.30
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$66,704Through Nov 2026
Assumption only · ends Jun 2053$353,602
New conventional · ends Dec 2056$447,691