Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,471/mo
+$80/mo- Down payment
- $16,555
- Funds due
- $26,421
- Interest + MI left
- $384,572
- First ends
- Aug 2053
New loan
New conventional
$2,391/mo
Lowest payment- Down payment
- $33,990
- Funds due
- $41,722
- Interest + MI left
- $463,933
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $323,345 | $305,910 |
| Second mortgage | — | — |
| First P&I | $2,104.42 | $2,118.06 |
| Second P&I | — | — |
| Mortgage insurance | $154.36 | $61.18 |
| Taxes, insurance & HOA | $211.83 | $211.83 |
| Total housing payment | $2,470.61 | $2,391.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,555
Closing costs & prepaids$9,866
Usable credit−$0
Total buyer cash needed$26,421
Earnest money paid−$0
Remaining funds due$26,421
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$185.50
Prepaid interest, first (1 days)$56.61
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 9 moOf the original 30-year loan at 6.390%
Interest already paid$68,630Through Nov 2026
Assumption only · ends Aug 2053$384,572
New conventional · ends Dec 2056$463,933