Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,544/mo
Lowest payment- Down payment
- $38,550
- Funds due
- $49,658
- Interest + MI left
- $307,496
- First ends
- Jul 2053
New loan
New conventional
$2,599/mo
+$55/mo- Down payment
- $30,400
- Funds due
- $39,434
- Interest + MI left
- $395,391
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $265,450 | $273,600 |
| Second mortgage | — | — |
| First P&I | $1,713.30 | $1,840.52 |
| Second P&I | — | — |
| Mortgage insurance | $127.13 | $54.72 |
| Taxes, insurance & HOA | $703.42 | $703.42 |
| Total housing payment | $2,543.85 | $2,598.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,550
Closing costs & prepaids$11,108
Usable credit−$0
Total buyer cash needed$49,658
Earnest money paid−$0
Remaining funds due$49,658
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,040.00
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)$775.25
Initial HOA (3 months)$885.00
Prepaid interest, first (4 days)$182.69
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 7 moOf the original 30-year loan at 6.28%
Interest already paid$58,314Through Dec 2026
Assumption only · ends Jul 2053$307,496
New conventional · ends Jan 2057$395,391