Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,170/mo
+$142/mo- Down payment
- $20,839
- Funds due
- $32,906
- Interest + MI left
- $397,196
- First ends
- Jun 2053
New loan
New conventional
$3,029/mo
Lowest payment- Down payment
- $34,990
- Funds due
- $44,921
- Interest + MI left
- $460,451
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $329,061 | $314,910 |
| Second mortgage | — | — |
| First P&I | $2,180.58 | $2,133.31 |
| Second P&I | — | — |
| Mortgage insurance | $157.47 | $62.98 |
| Taxes, insurance & HOA | $832.42 | $832.42 |
| Total housing payment | $3,170.47 | $3,028.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,839
Closing costs & prepaids$12,066
Usable credit−$0
Total buyer cash needed$32,906
Earnest money paid−$0
Remaining funds due$32,906
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$892.25
Initial HOA (3 months)$1,155.00
Prepaid interest, first (5 days)$294.80
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 6 moOf the original 30-year loan at 6.54%
Interest already paid$77,084Through Dec 2026
Assumption only · ends Jun 2053$397,196
New conventional · ends Jan 2057$460,451