Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,782/mo
Lowest payment- Down payment
- $30,844
- Funds due
- $41,789
- Interest + MI left
- $382,003
- First ends
- Jul 2053
New loan
New conventional
$2,813/mo
+$31/mo- Down payment
- $36,000
- Funds due
- $44,794
- Interest + MI left
- $491,368
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $329,156 | $324,000 |
| Second mortgage | — | — |
| First P&I | $2,119.84 | $2,243.31 |
| Second P&I | — | — |
| Mortgage insurance | $157.47 | $64.80 |
| Taxes, insurance & HOA | $504.58 | $504.58 |
| Total housing payment | $2,781.88 | $2,812.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,844
Closing costs & prepaids$10,945
Usable credit−$0
Total buyer cash needed$41,789
Earnest money paid−$0
Remaining funds due$41,789
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$1,063.75
Prepaid interest, first (1 days)$56.54
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 6.270%
Interest already paid$70,389Through Nov 2026
Assumption only · ends Jul 2053$382,003
New conventional · ends Dec 2056$491,368