Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,354/mo
Lowest payment- Down payment
- $37,029
- Funds due
- $47,226
- Interest + MI left
- $329,724
- First ends
- Apr 2053
New loan
New conventional
$2,408/mo
+$53/mo- Down payment
- $31,400
- Funds due
- $39,499
- 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 | $276,971 | $282,600 |
| Second mortgage | — | — |
| First P&I | $1,827.01 | $1,956.67 |
| Second P&I | — | — |
| Mortgage insurance | $132.76 | $56.52 |
| Taxes, insurance & HOA | $394.50 | $394.50 |
| Total housing payment | $2,354.27 | $2,407.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,029
Closing costs & prepaids$10,197
Usable credit−$0
Total buyer cash needed$47,226
Earnest money paid−$0
Remaining funds due$47,226
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)$196.50
Initial HOA (3 months)$537.00
Prepaid interest, first (2 days)$98.34
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 5 moOf the original 30-year loan at 6.480%
Interest already paid$65,876Through Nov 2026
Assumption only · ends Apr 2053$329,724
New conventional · ends Dec 2056$428,582