Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,994/mo
+$193/mo- Down payment
- $8,492
- Funds due
- $19,329
- Interest + MI left
- $436,743
- First ends
- Jun 2053
New loan
New conventional
$2,802/mo
Lowest payment- Down payment
- $36,900
- Funds due
- $45,571
- Interest + MI left
- $503,652
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $360,508 | $332,100 |
| Second mortgage | — | — |
| First P&I | $2,386.18 | $2,299.39 |
| Second P&I | — | — |
| Mortgage insurance | $172.31 | $66.42 |
| Taxes, insurance & HOA | $435.83 | $435.83 |
| Total housing payment | $2,994.33 | $2,801.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,492
Closing costs & prepaids$10,837
Usable credit−$0
Total buyer cash needed$19,329
Earnest money paid−$0
Remaining funds due$19,329
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$284.50
Initial HOA (3 months)$573.00
Prepaid interest, first (1 days)$64.60
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$82,387Through Nov 2026
Assumption only · ends Jun 2053$436,743
New conventional · ends Dec 2056$503,652