Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,778/mo
+$121/mo- Down payment
- $4,698
- Funds due
- $15,193
- Interest + MI left
- $400,634
- First ends
- Apr 2053
New loan
New conventional
$2,657/mo
Lowest payment- Down payment
- $36,500
- Funds due
- $44,843
- Interest + MI left
- $498,192
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $360,302 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,288.38 | $2,274.47 |
| Second P&I | — | — |
| Mortgage insurance | $173.26 | $65.70 |
| Taxes, insurance & HOA | $316.58 | $316.58 |
| Total housing payment | $2,778.22 | $2,656.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,698
Closing costs & prepaids$10,495
Usable credit−$0
Total buyer cash needed$15,193
Earnest money paid−$0
Remaining funds due$15,193
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$288.75
Initial HOA (3 months)$210.99
Prepaid interest, first (2 days)$120.23
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 6.090%
Interest already paid$80,676Through Nov 2026
Assumption only · ends Apr 2053$400,634
New conventional · ends Dec 2056$498,192