Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,539/mo
Lowest payment- Down payment
- $32,550
- Funds due
- $43,583
- Interest + MI left
- $307,496
- First ends
- Jul 2053
New loan
New conventional
$2,556/mo
+$17/mo- Down payment
- $29,800
- Funds due
- $38,761
- Interest + MI left
- $387,587
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $265,450 | $268,200 |
| Second mortgage | — | — |
| First P&I | $1,713.30 | $1,804.20 |
| Second P&I | — | — |
| Mortgage insurance | $127.13 | $53.64 |
| Taxes, insurance & HOA | $698.33 | $698.33 |
| Total housing payment | $2,538.77 | $2,556.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,550
Closing costs & prepaids$11,033
Usable credit−$0
Total buyer cash needed$43,583
Earnest money paid−$0
Remaining funds due$43,583
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,980.00
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)$760.00
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$387,587