Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,917/mo
+$62/mo- Down payment
- $28,287
- Funds due
- $39,637
- Interest + MI left
- $377,328
- First ends
- Jun 2053
New loan
New conventional
$2,856/mo
Lowest payment- Down payment
- $33,000
- Funds due
- $42,224
- Interest + MI left
- $450,420
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $301,713 | $297,000 |
| Second mortgage | — | — |
| First P&I | $2,033.67 | $2,056.37 |
| Second P&I | — | — |
| Mortgage insurance | $144.01 | $59.40 |
| Taxes, insurance & HOA | $739.75 | $739.75 |
| Total housing payment | $2,917.43 | $2,855.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,287
Closing costs & prepaids$11,350
Usable credit−$0
Total buyer cash needed$39,637
Earnest money paid−$0
Remaining funds due$39,637
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$1,574.25
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$55.63
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 7 moOf the original 30-year loan at 6.730%
Interest already paid$70,901Through Nov 2026
Assumption only · ends Jun 2053$377,328
New conventional · ends Dec 2056$450,420