Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,051/mo
+$372/mo- Down payment
- $0
- Funds due
- $10,557
- Interest + MI left
- $487,656
- First ends
- Nov 2053
New loan
New conventional
$2,679/mo
Lowest payment- Down payment
- $36,000
- Funds due
- $44,393
- Interest + MI left
- $491,368
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,340 | $324,000 |
| Second mortgage | — | — |
| First P&I | $2,508.79 | $2,243.31 |
| Second P&I | — | — |
| Mortgage insurance | $171.62 | $64.80 |
| Taxes, insurance & HOA | $370.75 | $370.75 |
| Total housing payment | $3,051.15 | $2,678.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,557
Usable credit−$0
Total buyer cash needed$10,557
Earnest money paid−$0
Remaining funds due$10,557
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$299.25
Initial HOA (3 months)$363.00
Prepaid interest, first (1 days)$70.18
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 closing27 yrOf the original 30-year loan at 7.070%
Interest already paid$78,216Through Nov 2026
Assumption only · ends Nov 2053$487,656
New conventional · ends Dec 2056$491,368