Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,245/mo
+$94/mo- Down payment
- $38,602
- Funds due
- $50,857
- Interest + MI left
- $424,440
- First ends
- Oct 2053
New loan
New conventional
$3,151/mo
Lowest payment- Down payment
- $36,990
- Funds due
- $47,087
- Interest + MI left
- $481,103
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $331,298 | $332,910 |
| Second mortgage | — | — |
| First P&I | $2,242.70 | $2,239.51 |
| Second P&I | — | — |
| Mortgage insurance | $157.51 | $66.58 |
| Taxes, insurance & HOA | $844.42 | $844.42 |
| Total housing payment | $3,244.62 | $3,150.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,602
Closing costs & prepaids$12,254
Usable credit−$0
Total buyer cash needed$50,857
Earnest money paid−$0
Remaining funds due$50,857
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
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)$943.25
Initial HOA (3 months)$1,140.00
Prepaid interest, first (4 days)$247.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 10 moOf the original 30-year loan at 6.81%
Interest already paid$72,860Through Dec 2026
Assumption only · ends Oct 2053$424,440
New conventional · ends Jan 2057$481,103