Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,957/mo
Lowest payment- Down payment
- $32,854
- Funds due
- $44,298
- Interest + MI left
- $393,614
- First ends
- Jul 2053
New loan
New conventional
$2,974/mo
+$17/mo- Down payment
- $36,500
- Funds due
- $45,796
- Interest + MI left
- $498,192
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $332,146 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,164.26 | $2,274.47 |
| Second P&I | — | — |
| Mortgage insurance | $158.75 | $65.70 |
| Taxes, insurance & HOA | $634.25 | $634.25 |
| Total housing payment | $2,957.26 | $2,974.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,854
Closing costs & prepaids$11,444
Usable credit−$0
Total buyer cash needed$44,298
Earnest money paid−$0
Remaining funds due$44,298
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$1,107.75
Initial HOA (3 months)$345.00
Prepaid interest, first (2 days)$116.30
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 8 moOf the original 30-year loan at 6.390%
Interest already paid$72,353Through Nov 2026
Assumption only · ends Jul 2053$393,614
New conventional · ends Dec 2056$498,192