Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,761/mo
+$58/mo- Down payment
- $18,194
- Funds due
- $28,848
- Interest + MI left
- $388,533
- First ends
- May 2053
New loan
New conventional
$2,703/mo
Lowest payment- Down payment
- $35,600
- Funds due
- $44,105
- Interest + MI left
- $485,908
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $337,806 | $320,400 |
| Second mortgage | — | — |
| First P&I | $2,178.73 | $2,218.38 |
| Second P&I | — | — |
| Mortgage insurance | $162.01 | $64.08 |
| Taxes, insurance & HOA | $420.42 | $420.42 |
| Total housing payment | $2,761.16 | $2,702.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,194
Closing costs & prepaids$10,654
Usable credit−$0
Total buyer cash needed$28,848
Earnest money paid−$0
Remaining funds due$28,848
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,560.00
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)$520.25
Initial HOA (3 months)$291.00
Prepaid interest, first (1 days)$57.94
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 6 moOf the original 30-year loan at 6.260%
Interest already paid$75,834Through Nov 2026
Assumption only · ends May 2053$388,533
New conventional · ends Dec 2056$485,908