Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,838/mo
+$8/mo- Down payment
- $30,528
- Funds due
- $41,438
- Interest + MI left
- $406,545
- First ends
- Aug 2053
New loan
New conventional
$2,831/mo
Lowest payment- Down payment
- $37,000
- Funds due
- $45,748
- Interest + MI left
- $505,015
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $339,471 | $332,999 |
| Second mortgage | — | — |
| First P&I | $2,217.98 | $2,305.62 |
| Second P&I | — | — |
| Mortgage insurance | $162.01 | $66.60 |
| Taxes, insurance & HOA | $458.33 | $458.33 |
| Total housing payment | $2,838.32 | $2,830.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,528
Closing costs & prepaids$10,910
Usable credit−$0
Total buyer cash needed$41,438
Earnest money paid−$0
Remaining funds due$41,438
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.99
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)$925.00
Prepaid interest, first (1 days)$59.80
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$72,493Through Nov 2026
Assumption only · ends Aug 2053$406,545
New conventional · ends Dec 2056$505,015