Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,894/mo
+$90/mo- Down payment
- $16,966
- Funds due
- $27,615
- Interest + MI left
- $428,249
- First ends
- Apr 2053
New loan
New conventional
$2,804/mo
Lowest payment- Down payment
- $39,000
- Funds due
- $47,466
- Interest + MI left
- $532,315
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $373,034 | $351,000 |
| Second mortgage | — | — |
| First P&I | $2,411.25 | $2,430.25 |
| Second P&I | — | — |
| Mortgage insurance | $179.11 | $70.20 |
| Taxes, insurance & HOA | $303.42 | $303.42 |
| Total housing payment | $2,893.78 | $2,803.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,966
Closing costs & prepaids$10,649
Usable credit−$0
Total buyer cash needed$27,615
Earnest money paid−$0
Remaining funds due$27,615
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$460.25
Prepaid interest, first (1 days)$64.08
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 5 moOf the original 30-year loan at 6.270%
Interest already paid$85,927Through Nov 2026
Assumption only · ends Apr 2053$428,249
New conventional · ends Dec 2056$532,315