Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,816/mo
+$537/mo- Down payment
- $12,735
- Funds due
- $24,413
- Interest + MI left
- $639,052
- First ends
- Dec 2053
New loan
New conventional
$3,280/mo
Lowest payment- Down payment
- $43,600
- Funds due
- $53,032
- Interest + MI left
- $595,101
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $423,265 | $392,400 |
| Second mortgage | — | — |
| First P&I | $3,132.67 | $2,716.90 |
| Second P&I | — | — |
| Mortgage insurance | $199.45 | $78.48 |
| Taxes, insurance & HOA | $484.33 | $484.33 |
| Total housing payment | $3,816.46 | $3,279.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,735
Closing costs & prepaids$11,678
Usable credit−$0
Total buyer cash needed$24,413
Earnest money paid−$0
Remaining funds due$24,413
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,360.00
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)$607.00
Initial HOA (3 months)$396.00
Prepaid interest, first (1 days)$90.45
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 yr 1 moOf the original 30-year loan at 7.800%
Interest already paid$97,737Through Nov 2026
Assumption only · ends Dec 2053$639,052
New conventional · ends Dec 2056$595,101