Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,077/mo
Lowest payment- Down payment
- $36,633
- Funds due
- $48,186
- Interest + MI left
- $418,750
- First ends
- Jul 2053
New loan
New conventional
$3,106/mo
+$29/mo- Down payment
- $38,999
- Funds due
- $48,371
- Interest + MI left
- $532,301
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $353,357 | $350,991 |
| Second mortgage | — | — |
| First P&I | $2,302.47 | $2,430.19 |
| Second P&I | — | — |
| Mortgage insurance | $168.89 | $70.20 |
| Taxes, insurance & HOA | $605.42 | $605.42 |
| Total housing payment | $3,076.78 | $3,105.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,633
Closing costs & prepaids$11,553
Usable credit−$0
Total buyer cash needed$48,186
Earnest money paid−$0
Remaining funds due$48,186
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.90
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)$988.25
Initial HOA (3 months)$378.00
Prepaid interest, first (1 days)$61.86
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 6.390%
Interest already paid$76,973Through Nov 2026
Assumption only · ends Jul 2053$418,750
New conventional · ends Dec 2056$532,301