Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,508/mo
+$26/mo- Down payment
- $27,281
- Funds due
- $37,653
- Interest + MI left
- $358,900
- First ends
- Aug 2053
New loan
New conventional
$2,482/mo
Lowest payment- Down payment
- $31,990
- Funds due
- $40,254
- Interest + MI left
- $436,635
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $292,619 | $287,910 |
| Second mortgage | — | — |
| First P&I | $1,937.95 | $1,993.43 |
| Second P&I | — | — |
| Mortgage insurance | $139.51 | $57.58 |
| Taxes, insurance & HOA | $431.00 | $431.00 |
| Total housing payment | $2,508.46 | $2,482.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,281
Closing costs & prepaids$10,372
Usable credit−$0
Total buyer cash needed$37,653
Earnest money paid−$0
Remaining funds due$37,653
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$843.00
Prepaid interest, first (2 days)$105.34
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 9 moOf the original 30-year loan at 6.570%
Interest already paid$63,814Through Nov 2026
Assumption only · ends Aug 2053$358,900
New conventional · ends Dec 2056$436,635