Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,442/mo
Lowest payment- Down payment
- $25,927
- Funds due
- $36,088
- Interest + MI left
- $344,293
- First ends
- Apr 2053
New loan
New conventional
$2,473/mo
+$31/mo- Down payment
- $33,390
- Funds due
- $41,426
- Interest + MI left
- $455,744
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $307,973 | $300,510 |
| Second mortgage | — | — |
| First P&I | $1,961.78 | $2,080.67 |
| Second P&I | — | — |
| Mortgage insurance | $148.06 | $60.10 |
| Taxes, insurance & HOA | $331.75 | $331.75 |
| Total housing payment | $2,441.59 | $2,472.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,927
Closing costs & prepaids$10,161
Usable credit−$0
Total buyer cash needed$36,088
Earnest money paid−$0
Remaining funds due$36,088
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,339.00
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)$228.25
Initial HOA (3 months)$317.01
Prepaid interest, first (1 days)$51.64
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 6.120%
Interest already paid$69,289Through Nov 2026
Assumption only · ends Apr 2053$344,293
New conventional · ends Dec 2056$455,744