Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,185/mo
Lowest payment- Down payment
- $45,090
- Funds due
- $56,809
- Interest + MI left
- $447,381
- First ends
- May 2053
New loan
New conventional
$3,261/mo
+$75/mo- Down payment
- $43,000
- Funds due
- $52,513
- Interest + MI left
- $586,912
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $384,910 | $387,000 |
| Second mortgage | — | — |
| First P&I | $2,497.07 | $2,679.51 |
| Second P&I | — | — |
| Mortgage insurance | $184.51 | $77.40 |
| Taxes, insurance & HOA | $503.67 | $503.67 |
| Total housing payment | $3,185.25 | $3,260.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,090
Closing costs & prepaids$11,719
Usable credit−$0
Total buyer cash needed$56,809
Earnest money paid−$0
Remaining funds due$56,809
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$758.00
Initial HOA (3 months)$303.00
Prepaid interest, first (2 days)$133.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.320%
Interest already paid$87,214Through Nov 2026
Assumption only · ends May 2053$447,381
New conventional · ends Dec 2056$586,912