Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,848/mo
+$34/mo- Down payment
- $28,098
- Funds due
- $38,819
- Interest + MI left
- $428,019
- First ends
- Aug 2053
New loan
New conventional
$2,814/mo
Lowest payment- Down payment
- $38,550
- Funds due
- $47,093
- Interest + MI left
- $526,173
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $357,402 | $346,950 |
| Second mortgage | — | — |
| First P&I | $2,335.14 | $2,402.21 |
| Second P&I | — | — |
| Mortgage insurance | $170.57 | $69.39 |
| Taxes, insurance & HOA | $342.75 | $342.75 |
| Total housing payment | $2,848.46 | $2,814.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,098
Closing costs & prepaids$10,721
Usable credit−$0
Total buyer cash needed$38,819
Earnest money paid−$0
Remaining funds due$38,819
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,855.00
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)$420.25
Initial HOA (3 months)$158.01
Prepaid interest, first (1 days)$62.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 6.430%
Interest already paid$76,322Through Nov 2026
Assumption only · ends Aug 2053$428,019
New conventional · ends Dec 2056$526,173