Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,397/mo
+$638/mo- Down payment
- $0
- Funds due
- $10,807
- Interest + MI left
- $536,820
- First ends
- Sep 2053
New loan
New conventional
$2,759/mo
Lowest payment- Down payment
- $35,990
- Funds due
- $44,626
- Interest + MI left
- $491,231
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $391,797 | $323,910 |
| Second mortgage | — | — |
| First P&I | $2,759.41 | $2,242.69 |
| Second P&I | — | — |
| Mortgage insurance | $185.77 | $64.78 |
| Taxes, insurance & HOA | $451.92 | $451.92 |
| Total housing payment | $3,397.09 | $2,759.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,807
Usable credit−$0
Total buyer cash needed$10,807
Earnest money paid−$0
Remaining funds due$10,807
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$629.75
Initial HOA (3 months)$276.00
Prepaid interest, first (1 days)$77.61
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 10 moOf the original 30-year loan at 7.230%
Interest already paid$91,348Through Nov 2026
Assumption only · ends Sep 2053$536,820
New conventional · ends Dec 2056$491,231