Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,392/mo
+$20/mo- Down payment
- $22,475
- Funds due
- $32,425
- Interest + MI left
- $352,929
- First ends
- Apr 2053
New loan
New conventional
$2,372/mo
Lowest payment- Down payment
- $32,990
- Funds due
- $40,825
- Interest + MI left
- $450,284
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $307,425 | $296,910 |
| Second mortgage | — | — |
| First P&I | $1,987.16 | $2,055.74 |
| Second P&I | — | — |
| Mortgage insurance | $147.61 | $59.38 |
| Taxes, insurance & HOA | $257.00 | $257.00 |
| Total housing payment | $2,391.77 | $2,372.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,475
Closing costs & prepaids$9,951
Usable credit−$0
Total buyer cash needed$32,425
Earnest money paid−$0
Remaining funds due$32,425
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$206.00
Initial HOA (3 months)$114.99
Prepaid interest, first (2 days)$105.62
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 5 moOf the original 30-year loan at 6.270%
Interest already paid$70,814Through Nov 2026
Assumption only · ends Apr 2053$352,929
New conventional · ends Dec 2056$450,284