Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,103/mo
Lowest payment- Down payment
- $40,099
- Funds due
- $51,621
- Interest + MI left
- $434,571
- First ends
- Jul 2053
New loan
New conventional
$3,156/mo
+$53/mo- Down payment
- $41,000
- Funds due
- $50,322
- Interest + MI left
- $559,613
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $369,901 | $369,000 |
| Second mortgage | — | — |
| First P&I | $2,398.57 | $2,554.88 |
| Second P&I | — | — |
| Mortgage insurance | $176.86 | $73.80 |
| Taxes, insurance & HOA | $527.50 | $527.50 |
| Total housing payment | $3,102.93 | $3,156.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,099
Closing costs & prepaids$11,522
Usable credit−$0
Total buyer cash needed$51,621
Earnest money paid−$0
Remaining funds due$51,621
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$1,041.25
Initial HOA (3 months)$91.26
Prepaid interest, first (1 days)$64.25
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 6.340%
Interest already paid$79,962Through Nov 2026
Assumption only · ends Jul 2053$434,571
New conventional · ends Dec 2056$559,613