Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,831/mo
Lowest payment- Down payment
- $42,126
- Funds due
- $53,016
- Interest + MI left
- $423,511
- First ends
- Jul 2053
New loan
New conventional
$2,893/mo
+$62/mo- Down payment
- $39,950
- Funds due
- $48,662
- Interest + MI left
- $545,282
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $357,374 | $359,550 |
| Second mortgage | — | — |
| First P&I | $2,328.65 | $2,489.45 |
| Second P&I | — | — |
| Mortgage insurance | $170.81 | $71.91 |
| Taxes, insurance & HOA | $331.83 | $331.83 |
| Total housing payment | $2,831.29 | $2,893.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,126
Closing costs & prepaids$10,891
Usable credit−$0
Total buyer cash needed$53,016
Earnest money paid−$0
Remaining funds due$53,016
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,995.00
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)$359.50
Initial HOA (3 months)$186.00
Prepaid interest, first (2 days)$125.13
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 8 moOf the original 30-year loan at 6.390%
Interest already paid$77,848Through Nov 2026
Assumption only · ends Jul 2053$423,511
New conventional · ends Dec 2056$545,282