Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,466/mo
+$114/mo- Down payment
- $4,763
- Funds due
- $14,990
- Interest + MI left
- $328,126
- First ends
- Jul 2053
New loan
New conventional
$2,351/mo
Lowest payment- Down payment
- $28,700
- Funds due
- $36,845
- Interest + MI left
- $391,729
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $282,237 | $258,300 |
| Second mortgage | — | — |
| First P&I | $1,819.44 | $1,788.42 |
| Second P&I | — | — |
| Mortgage insurance | $135.01 | $51.66 |
| Taxes, insurance & HOA | $511.41 | $511.41 |
| Total housing payment | $2,465.87 | $2,351.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,763
Closing costs & prepaids$10,228
Usable credit−$0
Total buyer cash needed$14,990
Earnest money paid−$0
Remaining funds due$14,990
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,870.00
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)$894.25
Initial HOA (3 months)$189.99
Prepaid interest, first (1 days)$48.56
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 6.280%
Interest already paid$60,449Through Nov 2026
Assumption only · ends Jul 2053$328,126
New conventional · ends Dec 2056$391,729