Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,528/mo
+$456/mo- Down payment
- $7,249
- Funds due
- $18,440
- Interest + MI left
- $543,475
- First ends
- Jan 2053
New loan
New conventional
$3,072/mo
Lowest payment- Down payment
- $42,000
- Funds due
- $50,970
- Interest + MI left
- $573,262
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $412,751 | $378,000 |
| Second mortgage | — | — |
| First P&I | $2,843.13 | $2,617.20 |
| Second P&I | — | — |
| Mortgage insurance | $305.78 | $75.60 |
| Taxes, insurance & HOA | $379.42 | $379.42 |
| Total housing payment | $3,528.33 | $3,072.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,249
Closing costs & prepaids$11,191
Usable credit−$0
Total buyer cash needed$18,440
Earnest money paid−$0
Remaining funds due$18,440
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$22.25
Initial HOA (3 months)$666.00
Prepaid interest, first (1 days)$78.03
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 2 moOf the original 30-year loan at 6.900%
Interest already paid$111,842Through Nov 2026
Assumption only · ends Jan 2053$543,475
New conventional · ends Dec 2056$573,262