Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,966/mo
Lowest payment- Down payment
- $38,069
- Funds due
- $49,604
- Interest + MI left
- $387,526
- First ends
- May 2053
New loan
New conventional
$3,035/mo
+$70/mo- Down payment
- $37,500
- Funds due
- $46,880
- Interest + MI left
- $511,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $336,931 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,173.08 | $2,336.78 |
| Second P&I | — | — |
| Mortgage insurance | $161.59 | $67.50 |
| Taxes, insurance & HOA | $631.17 | $631.17 |
| Total housing payment | $2,965.84 | $3,035.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,069
Closing costs & prepaids$11,534
Usable credit−$0
Total buyer cash needed$49,604
Earnest money paid−$0
Remaining funds due$49,604
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$324.50
Initial HOA (3 months)$1,119.00
Prepaid interest, first (2 days)$115.57
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 6.260%
Interest already paid$75,637Through Nov 2026
Assumption only · ends May 2053$387,526
New conventional · ends Dec 2056$511,841