Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,836/mo
+$5/mo- Down payment
- $27,527
- Funds due
- $38,303
- Interest + MI left
- $414,866
- First ends
- Jul 2053
New loan
New conventional
$2,832/mo
Lowest payment- Down payment
- $38,500
- Funds due
- $47,100
- Interest + MI left
- $525,491
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $357,473 | $346,500 |
| Second mortgage | — | — |
| First P&I | $2,302.20 | $2,399.10 |
| Second P&I | — | — |
| Mortgage insurance | $171.01 | $69.30 |
| Taxes, insurance & HOA | $363.25 | $363.25 |
| Total housing payment | $2,836.46 | $2,831.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,527
Closing costs & prepaids$10,776
Usable credit−$0
Total buyer cash needed$38,303
Earnest money paid−$0
Remaining funds due$38,303
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$429.75
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$61.41
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 8 moOf the original 30-year loan at 6.270%
Interest already paid$76,444Through Nov 2026
Assumption only · ends Jul 2053$414,866
New conventional · ends Dec 2056$525,491