Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,435/mo
+$115/mo- Down payment
- $20,866
- Funds due
- $30,750
- Interest + MI left
- $353,365
- First ends
- Feb 2053
New loan
New conventional
$2,319/mo
Lowest payment- Down payment
- $31,400
- Funds due
- $39,177
- Interest + MI left
- $428,582
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $293,134 | $282,600 |
| Second mortgage | — | — |
| First P&I | $1,910.55 | $1,956.67 |
| Second P&I | — | — |
| Mortgage insurance | $217.95 | $56.52 |
| Taxes, insurance & HOA | $306.25 | $306.25 |
| Total housing payment | $2,434.75 | $2,319.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,866
Closing costs & prepaids$9,885
Usable credit−$0
Total buyer cash needed$30,750
Earnest money paid−$0
Remaining funds due$30,750
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,140.00
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)$232.75
Initial HOA (3 months)$236.01
Prepaid interest, first (1 days)$50.84
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 3 moOf the original 30-year loan at 6.330%
Interest already paid$71,417Through Nov 2026
Assumption only · ends Feb 2053$353,365
New conventional · ends Dec 2056$428,582