Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,682/mo
+$94/mo- Down payment
- $10,036
- Funds due
- $20,721
- Interest + MI left
- $350,759
- First ends
- May 2053
New loan
New conventional
$2,589/mo
Lowest payment- Down payment
- $31,500
- Funds due
- $40,075
- Interest + MI left
- $429,947
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $304,964 | $283,500 |
| Second mortgage | — | — |
| First P&I | $1,966.91 | $1,962.90 |
| Second P&I | — | — |
| Mortgage insurance | $146.26 | $56.70 |
| Taxes, insurance & HOA | $569.08 | $569.08 |
| Total housing payment | $2,682.25 | $2,588.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,036
Closing costs & prepaids$10,685
Usable credit−$0
Total buyer cash needed$20,721
Earnest money paid−$0
Remaining funds due$20,721
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$372.25
Initial HOA (3 months)$885.00
Prepaid interest, first (1 days)$52.30
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 6 moOf the original 30-year loan at 6.260%
Interest already paid$68,461Through Nov 2026
Assumption only · ends May 2053$350,759
New conventional · ends Dec 2056$429,947