Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,360/mo
+$106/mo- Down payment
- $18,157
- Funds due
- $29,878
- Interest + MI left
- $473,274
- First ends
- Jul 2053
New loan
New conventional
$3,255/mo
Lowest payment- Down payment
- $42,100
- Funds due
- $51,607
- Interest + MI left
- $574,627
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $402,843 | $378,900 |
| Second mortgage | — | — |
| First P&I | $2,612.18 | $2,623.43 |
| Second P&I | — | — |
| Mortgage insurance | $192.61 | $75.78 |
| Taxes, insurance & HOA | $555.33 | $555.33 |
| Total housing payment | $3,360.13 | $3,254.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,157
Closing costs & prepaids$11,721
Usable credit−$0
Total buyer cash needed$29,878
Earnest money paid−$0
Remaining funds due$29,878
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,210.00
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)$913.00
Initial HOA (3 months)$303.00
Prepaid interest, first (1 days)$69.97
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 8 moOf the original 30-year loan at 6.340%
Interest already paid$87,084Through Nov 2026
Assumption only · ends Jul 2053$473,274
New conventional · ends Dec 2056$574,627