Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,629/mo
+$135/mo- Down payment
- $5,018
- Funds due
- $15,336
- Interest + MI left
- $370,085
- First ends
- Jun 2053
New loan
New conventional
$2,495/mo
Lowest payment- Down payment
- $32,450
- Funds due
- $40,647
- Interest + MI left
- $442,912
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $319,481 | $292,049 |
| Second mortgage | — | — |
| First P&I | $2,062.03 | $2,022.09 |
| Second P&I | — | — |
| Mortgage insurance | $153.01 | $58.41 |
| Taxes, insurance & HOA | $414.17 | $414.17 |
| Total housing payment | $2,629.21 | $2,494.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,018
Closing costs & prepaids$10,317
Usable credit−$0
Total buyer cash needed$15,336
Earnest money paid−$0
Remaining funds due$15,336
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,244.99
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)$402.50
Initial HOA (3 months)$390.00
Prepaid interest, first (1 days)$54.97
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 7 moOf the original 30-year loan at 6.280%
Interest already paid$70,183Through Nov 2026
Assumption only · ends Jun 2053$370,085
New conventional · ends Dec 2056$442,912