Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,978/mo
+$140/mo- Down payment
- $11,660
- Funds due
- $22,657
- Interest + MI left
- $429,131
- First ends
- Aug 2053
New loan
New conventional
$2,838/mo
Lowest payment- Down payment
- $36,999
- Funds due
- $45,835
- Interest + MI left
- $505,003
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $358,330 | $332,991 |
| Second mortgage | — | — |
| First P&I | $2,341.20 | $2,305.56 |
| Second P&I | — | — |
| Mortgage insurance | $171.01 | $66.60 |
| Taxes, insurance & HOA | $465.41 | $465.41 |
| Total housing payment | $2,977.63 | $2,837.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,660
Closing costs & prepaids$10,997
Usable credit−$0
Total buyer cash needed$22,657
Earnest money paid−$0
Remaining funds due$22,657
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.90
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)$606.25
Initial HOA (3 months)$339.99
Prepaid interest, first (2 days)$126.25
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 9 moOf the original 30-year loan at 6.430%
Interest already paid$76,520Through Nov 2026
Assumption only · ends Aug 2053$429,131
New conventional · ends Dec 2056$505,003