Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,672/mo
+$46/mo- Down payment
- $17,265
- Funds due
- $28,166
- Interest + MI left
- $341,548
- First ends
- Jul 2053
New loan
New conventional
$2,626/mo
Lowest payment- Down payment
- $30,900
- Funds due
- $39,704
- Interest + MI left
- $421,757
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $291,735 | $278,100 |
| Second mortgage | — | — |
| First P&I | $1,888.03 | $1,925.51 |
| Second P&I | — | — |
| Mortgage insurance | $139.51 | $55.62 |
| Taxes, insurance & HOA | $644.92 | $644.92 |
| Total housing payment | $2,672.46 | $2,626.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,265
Closing costs & prepaids$10,901
Usable credit−$0
Total buyer cash needed$28,166
Earnest money paid−$0
Remaining funds due$28,166
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,090.00
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)$1,154.75
Initial HOA (3 months)$330.00
Prepaid interest, first (2 days)$101.03
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 6.320%
Interest already paid$62,871Through Nov 2026
Assumption only · ends Jul 2053$341,548
New conventional · ends Dec 2056$421,757