Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,716/mo
+$74/mo- Down payment
- $29,712
- Funds due
- $40,243
- Interest + MI left
- $411,827
- First ends
- Oct 2053
New loan
New conventional
$2,642/mo
Lowest payment- Down payment
- $35,000
- Funds due
- $43,384
- Interest + MI left
- $477,717
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $320,287 | $314,999 |
| Second mortgage | — | — |
| First P&I | $2,165.80 | $2,180.99 |
| Second P&I | — | — |
| Mortgage insurance | $152.11 | $63.00 |
| Taxes, insurance & HOA | $398.50 | $398.50 |
| Total housing payment | $2,716.41 | $2,642.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,712
Closing costs & prepaids$10,530
Usable credit−$0
Total buyer cash needed$40,243
Earnest money paid−$0
Remaining funds due$40,243
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.99
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)$181.50
Initial HOA (3 months)$564.00
Prepaid interest, first (1 days)$59.76
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 6.810%
Interest already paid$68,544Through Nov 2026
Assumption only · ends Oct 2053$411,827
New conventional · ends Dec 2056$477,717