Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,128/mo
+$233/mo- Down payment
- $23,303
- Funds due
- $34,301
- Interest + MI left
- $490,109
- First ends
- Oct 2053
New loan
New conventional
$2,895/mo
Lowest payment- Down payment
- $38,250
- Funds due
- $47,064
- Interest + MI left
- $522,078
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $359,197 | $344,250 |
| Second mortgage | — | — |
| First P&I | $2,515.46 | $2,383.52 |
| Second P&I | — | — |
| Mortgage insurance | $170.19 | $68.85 |
| Taxes, insurance & HOA | $442.25 | $442.25 |
| Total housing payment | $3,127.90 | $2,894.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,303
Closing costs & prepaids$10,997
Usable credit−$0
Total buyer cash needed$34,301
Earnest money paid−$0
Remaining funds due$34,301
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,825.00
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)$303.75
Initial HOA (3 months)$573.00
Prepaid interest, first (1 days)$70.66
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 11 moOf the original 30-year loan at 7.180%
Interest already paid$80,948Through Nov 2026
Assumption only · ends Oct 2053$490,109
New conventional · ends Dec 2056$522,078