Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,174/mo
+$96/mo- Down payment
- $24,593
- Funds due
- $36,510
- Interest + MI left
- $425,213
- First ends
- Aug 2053
New loan
New conventional
$3,078/mo
Lowest payment- Down payment
- $38,590
- Funds due
- $48,348
- Interest + MI left
- $507,825
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $361,307 | $347,310 |
| Second mortgage | — | — |
| First P&I | $2,345.13 | $2,352.80 |
| Second P&I | — | — |
| Mortgage insurance | $172.74 | $69.46 |
| Taxes, insurance & HOA | $656.00 | $656.00 |
| Total housing payment | $3,173.87 | $3,078.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,593
Closing costs & prepaids$11,916
Usable credit−$0
Total buyer cash needed$36,510
Earnest money paid−$0
Remaining funds due$36,510
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,859.00
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)$984.00
Initial HOA (3 months)$534.00
Prepaid interest, first (5 days)$314.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6.35%
Interest already paid$78,225Through Dec 2026
Assumption only · ends Aug 2053$425,213
New conventional · ends Jan 2057$507,825