Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,272/mo
+$112/mo- Down payment
- $39,079
- Funds due
- $50,782
- Interest + MI left
- $452,061
- First ends
- Feb 2053
New loan
New conventional
$3,161/mo
Lowest payment- Down payment
- $39,899
- Funds due
- $49,419
- Interest + MI left
- $544,586
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $359,911 | $359,091 |
| Second mortgage | — | — |
| First P&I | $2,402.66 | $2,486.27 |
| Second P&I | — | — |
| Mortgage insurance | $267.03 | $71.82 |
| Taxes, insurance & HOA | $602.75 | $602.75 |
| Total housing payment | $3,272.44 | $3,160.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,079
Closing costs & prepaids$11,703
Usable credit−$0
Total buyer cash needed$50,782
Earnest money paid−$0
Remaining funds due$50,782
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,989.90
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)$1,134.25
Initial HOA (3 months)$224.01
Prepaid interest, first (2 days)$129.77
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 3 moOf the original 30-year loan at 6.580%
Interest already paid$91,047Through Nov 2026
Assumption only · ends Feb 2053$452,061
New conventional · ends Dec 2056$544,586