Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,970/mo
+$17/mo- Down payment
- $27,352
- Funds due
- $38,376
- Interest + MI left
- $426,307
- First ends
- May 2053
New loan
New conventional
$2,954/mo
Lowest payment- Down payment
- $39,800
- Funds due
- $48,635
- Interest + MI left
- $543,234
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $370,648 | $358,200 |
| Second mortgage | — | — |
| First P&I | $2,390.55 | $2,480.10 |
| Second P&I | — | — |
| Mortgage insurance | $177.76 | $71.64 |
| Taxes, insurance & HOA | $401.84 | $401.84 |
| Total housing payment | $2,970.15 | $2,953.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,352
Closing costs & prepaids$11,024
Usable credit−$0
Total buyer cash needed$38,376
Earnest money paid−$0
Remaining funds due$38,376
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,980.00
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)$441.50
Initial HOA (3 months)$314.01
Prepaid interest, first (1 days)$63.57
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 6.260%
Interest already paid$83,206Through Nov 2026
Assumption only · ends May 2053$426,307
New conventional · ends Dec 2056$543,234