Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,609/mo
+$34/mo- Down payment
- $22,221
- Funds due
- $32,898
- Interest + MI left
- $352,903
- First ends
- Aug 2053
New loan
New conventional
$2,575/mo
Lowest payment- Down payment
- $31,690
- Funds due
- $40,262
- Interest + MI left
- $432,540
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $294,679 | $285,210 |
| Second mortgage | — | — |
| First P&I | $1,925.33 | $1,974.74 |
| Second P&I | — | — |
| Mortgage insurance | $140.63 | $57.04 |
| Taxes, insurance & HOA | $543.08 | $543.08 |
| Total housing payment | $2,609.05 | $2,574.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,221
Closing costs & prepaids$10,677
Usable credit−$0
Total buyer cash needed$32,898
Earnest money paid−$0
Remaining funds due$32,898
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,169.00
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)$117.25
Initial HOA (3 months)$1,062.00
Prepaid interest, first (2 days)$103.82
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$62,928Through Nov 2026
Assumption only · ends Aug 2053$352,903
New conventional · ends Dec 2056$432,540