Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,067/mo
Lowest payment- Down payment
- $35,835
- Funds due
- $47,129
- Interest + MI left
- $447,709
- First ends
- Jun 2053
New loan
New conventional
$3,073/mo
+$6/mo- Down payment
- $41,500
- Funds due
- $50,598
- Interest + MI left
- $566,438
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $379,165 | $373,500 |
| Second mortgage | — | — |
| First P&I | $2,473.58 | $2,586.04 |
| Second P&I | — | — |
| Mortgage insurance | $181.44 | $74.70 |
| Taxes, insurance & HOA | $412.25 | $412.25 |
| Total housing payment | $3,067.27 | $3,072.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,835
Closing costs & prepaids$11,295
Usable credit−$0
Total buyer cash needed$47,129
Earnest money paid−$0
Remaining funds due$47,129
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$525.75
Initial HOA (3 months)$261.00
Prepaid interest, first (2 days)$132.76
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 7 moOf the original 30-year loan at 6.390%
Interest already paid$84,715Through Nov 2026
Assumption only · ends Jun 2053$447,709
New conventional · ends Dec 2056$566,438