Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,362/mo
Lowest payment- Down payment
- $34,664
- Funds due
- $44,775
- Interest + MI left
- $341,714
- First ends
- Aug 2053
New loan
New conventional
$2,413/mo
+$51/mo- Down payment
- $32,000
- Funds due
- $39,999
- Interest + MI left
- $436,771
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $285,336 | $288,000 |
| Second mortgage | — | — |
| First P&I | $1,864.28 | $1,994.05 |
| Second P&I | — | — |
| Mortgage insurance | $136.18 | $57.60 |
| Taxes, insurance & HOA | $361.75 | $361.75 |
| Total housing payment | $2,362.21 | $2,413.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,664
Closing costs & prepaids$10,111
Usable credit−$0
Total buyer cash needed$44,775
Earnest money paid−$0
Remaining funds due$44,775
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$380.25
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$50.27
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 6.430%
Interest already paid$60,933Through Nov 2026
Assumption only · ends Aug 2053$341,714
New conventional · ends Dec 2056$436,771