Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,889/mo
+$34/mo- Down payment
- $23,303
- Funds due
- $34,274
- Interest + MI left
- $407,960
- First ends
- May 2053
New loan
New conventional
$2,855/mo
Lowest payment- Down payment
- $37,800
- Funds due
- $46,610
- Interest + MI left
- $515,935
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $354,696 | $340,199 |
| Second mortgage | — | — |
| First P&I | $2,287.67 | $2,355.47 |
| Second P&I | — | — |
| Mortgage insurance | $170.11 | $68.04 |
| Taxes, insurance & HOA | $431.58 | $431.58 |
| Total housing payment | $2,889.36 | $2,855.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,303
Closing costs & prepaids$10,971
Usable credit−$0
Total buyer cash needed$34,274
Earnest money paid−$0
Remaining funds due$34,274
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,779.99
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)$514.75
Initial HOA (3 months)$330.00
Prepaid interest, first (2 days)$121.67
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$79,625Through Nov 2026
Assumption only · ends May 2053$407,960
New conventional · ends Dec 2056$515,935