Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,592/mo
+$247/mo- Down payment
- $2,849
- Funds due
- $12,884
- Interest + MI left
- $375,889
- First ends
- Mar 2053
New loan
New conventional
$2,345/mo
Lowest payment- Down payment
- $31,200
- Funds due
- $39,130
- Interest + MI left
- $425,852
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $309,151 | $280,800 |
| Second mortgage | — | — |
| First P&I | $2,018.30 | $1,944.20 |
| Second P&I | — | — |
| Mortgage insurance | $229.52 | $56.16 |
| Taxes, insurance & HOA | $344.25 | $344.25 |
| Total housing payment | $2,592.06 | $2,344.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,849
Closing costs & prepaids$10,035
Usable credit−$0
Total buyer cash needed$12,884
Earnest money paid−$0
Remaining funds due$12,884
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,120.00
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)$360.75
Initial HOA (3 months)$222.00
Prepaid interest, first (2 days)$107.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4 moOf the original 30-year loan at 6.360%
Interest already paid$73,935Through Nov 2026
Assumption only · ends Mar 2053$375,889
New conventional · ends Dec 2056$425,852