Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,037/mo
+$258/mo- Down payment
- $20,864
- Funds due
- $31,584
- Interest + MI left
- $485,082
- First ends
- Sep 2053
New loan
New conventional
$2,779/mo
Lowest payment- Down payment
- $37,490
- Funds due
- $46,034
- Interest + MI left
- $511,705
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $354,036 | $337,410 |
| Second mortgage | — | — |
| First P&I | $2,493.46 | $2,336.16 |
| Second P&I | — | — |
| Mortgage insurance | $167.86 | $67.48 |
| Taxes, insurance & HOA | $375.33 | $375.33 |
| Total housing payment | $3,036.66 | $2,778.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,864
Closing costs & prepaids$10,720
Usable credit−$0
Total buyer cash needed$31,584
Earnest money paid−$0
Remaining funds due$31,584
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.00
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)$376.00
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$70.13
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$82,544Through Nov 2026
Assumption only · ends Sep 2053$485,082
New conventional · ends Dec 2056$511,705