Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,849/mo
+$179/mo- Down payment
- $14,799
- Funds due
- $25,287
- Interest + MI left
- $436,864
- First ends
- Jul 2053
New loan
New conventional
$2,670/mo
Lowest payment- Down payment
- $36,400
- Funds due
- $44,726
- Interest + MI left
- $496,827
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $349,201 | $327,600 |
| Second mortgage | — | — |
| First P&I | $2,346.63 | $2,268.24 |
| Second P&I | — | — |
| Mortgage insurance | $166.51 | $65.52 |
| Taxes, insurance & HOA | $336.08 | $336.08 |
| Total housing payment | $2,849.22 | $2,669.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,799
Closing costs & prepaids$10,487
Usable credit−$0
Total buyer cash needed$25,287
Earnest money paid−$0
Remaining funds due$25,287
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,640.00
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)$372.25
Initial HOA (3 months)$186.00
Prepaid interest, first (1 days)$64.20
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 6.710%
Interest already paid$79,778Through Nov 2026
Assumption only · ends Jul 2053$436,864
New conventional · ends Dec 2056$496,827