Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,675/mo
+$31/mo- Down payment
- $37,850
- Funds due
- $48,715
- Interest + MI left
- $372,621
- First ends
- Apr 2053
New loan
New conventional
$2,644/mo
Lowest payment- Down payment
- $35,200
- Funds due
- $43,937
- Interest + MI left
- $457,821
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $314,150 | $316,800 |
| Second mortgage | — | — |
| First P&I | $2,074.75 | $2,131.13 |
| Second P&I | — | — |
| Mortgage insurance | $150.76 | $63.36 |
| Taxes, insurance & HOA | $449.17 | $449.17 |
| Total housing payment | $2,674.68 | $2,643.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,850
Closing costs & prepaids$10,866
Usable credit−$0
Total buyer cash needed$48,715
Earnest money paid−$0
Remaining funds due$48,715
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,520.00
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)$897.50
Prepaid interest, first (4 days)$223.09
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 4 moOf the original 30-year loan at 6.48%
Interest already paid$76,507Through Dec 2026
Assumption only · ends Apr 2053$372,621
New conventional · ends Jan 2057$457,821