Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,341/mo
Lowest payment- Down payment
- $40,461
- Funds due
- $52,290
- Interest + MI left
- $481,821
- First ends
- May 2053
New loan
New conventional
$3,355/mo
+$14/mo- Down payment
- $45,000
- Funds due
- $54,600
- Interest + MI left
- $614,210
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $409,539 | $405,000 |
| Second mortgage | — | — |
| First P&I | $2,674.94 | $2,804.14 |
| Second P&I | — | — |
| Mortgage insurance | $196.21 | $81.00 |
| Taxes, insurance & HOA | $470.17 | $470.17 |
| Total housing payment | $3,341.31 | $3,355.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,461
Closing costs & prepaids$11,829
Usable credit−$0
Total buyer cash needed$52,290
Earnest money paid−$0
Remaining funds due$52,290
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$705.50
Initial HOA (3 months)$255.00
Prepaid interest, first (2 days)$143.39
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 6 moOf the original 30-year loan at 6.390%
Interest already paid$93,795Through Nov 2026
Assumption only · ends May 2053$481,821
New conventional · ends Dec 2056$614,210