Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,779/mo
+$92/mo- Down payment
- $16,984
- Funds due
- $27,572
- Interest + MI left
- $409,392
- First ends
- Jun 2053
New loan
New conventional
$2,687/mo
Lowest payment- Down payment
- $36,490
- Funds due
- $44,925
- Interest + MI left
- $498,056
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $347,916 | $328,410 |
| Second mortgage | — | — |
| First P&I | $2,265.32 | $2,273.84 |
| Second P&I | — | — |
| Mortgage insurance | $166.51 | $65.68 |
| Taxes, insurance & HOA | $347.58 | $347.58 |
| Total housing payment | $2,779.41 | $2,687.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,984
Closing costs & prepaids$10,588
Usable credit−$0
Total buyer cash needed$27,572
Earnest money paid−$0
Remaining funds due$27,572
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,649.00
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)$592.75
Prepaid interest, first (2 days)$121.44
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 7 moOf the original 30-year loan at 6.370%
Interest already paid$77,496Through Nov 2026
Assumption only · ends Jun 2053$409,392
New conventional · ends Dec 2056$498,056