Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,970/mo
Lowest payment- Down payment
- $34,684
- Funds due
- $45,704
- Interest + MI left
- $441,926
- First ends
- May 2053
New loan
New conventional
$2,982/mo
+$11/mo- Down payment
- $41,490
- Funds due
- $50,315
- Interest + MI left
- $566,301
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $380,216 | $373,410 |
| Second mortgage | — | — |
| First P&I | $2,466.62 | $2,585.42 |
| Second P&I | — | — |
| Mortgage insurance | $182.26 | $74.68 |
| Taxes, insurance & HOA | $321.42 | $321.42 |
| Total housing payment | $2,970.30 | $2,981.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,684
Closing costs & prepaids$11,020
Usable credit−$0
Total buyer cash needed$45,704
Earnest money paid−$0
Remaining funds due$45,704
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,149.00
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)$301.25
Initial HOA (3 months)$213.00
Prepaid interest, first (2 days)$131.67
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 6.320%
Interest already paid$86,150Through Nov 2026
Assumption only · ends May 2053$441,926
New conventional · ends Dec 2056$566,301