Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,380/mo
+$75/mo- Down payment
- $25,953
- Funds due
- $35,905
- Interest + MI left
- $341,718
- First ends
- Mar 2053
New loan
New conventional
$2,305/mo
Lowest payment- Down payment
- $30,700
- Funds due
- $38,559
- Interest + MI left
- $419,028
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $281,047 | $276,300 |
| Second mortgage | — | — |
| First P&I | $1,834.82 | $1,913.05 |
| Second P&I | — | — |
| Mortgage insurance | $208.65 | $55.26 |
| Taxes, insurance & HOA | $336.33 | $336.33 |
| Total housing payment | $2,379.80 | $2,304.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,953
Closing costs & prepaids$9,952
Usable credit−$0
Total buyer cash needed$35,905
Earnest money paid−$0
Remaining funds due$35,905
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,070.00
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)$355.00
Initial HOA (3 months)$204.00
Prepaid interest, first (2 days)$97.94
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 4 moOf the original 30-year loan at 6.360%
Interest already paid$67,213Through Nov 2026
Assumption only · ends Mar 2053$341,718
New conventional · ends Dec 2056$419,028