Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,518/mo
+$39/mo- Down payment
- $22,472
- Funds due
- $32,750
- Interest + MI left
- $357,277
- First ends
- Jun 2053
New loan
New conventional
$2,479/mo
Lowest payment- Down payment
- $32,349
- Funds due
- $40,509
- Interest + MI left
- $441,535
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $301,018 | $291,141 |
| Second mortgage | — | — |
| First P&I | $1,969.48 | $2,015.80 |
| Second P&I | — | — |
| Mortgage insurance | $144.01 | $58.23 |
| Taxes, insurance & HOA | $405.00 | $405.00 |
| Total housing payment | $2,518.49 | $2,479.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,472
Closing costs & prepaids$10,278
Usable credit−$0
Total buyer cash needed$32,750
Earnest money paid−$0
Remaining funds due$32,750
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,234.90
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)$228.00
Initial HOA (3 months)$537.00
Prepaid interest, first (1 days)$52.95
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 6.420%
Interest already paid$67,562Through Nov 2026
Assumption only · ends Jun 2053$357,277
New conventional · ends Dec 2056$441,535