Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,241/mo
+$173/mo- Down payment
- $22,889
- Funds due
- $33,891
- Interest + MI left
- $524,373
- First ends
- Sep 2053
New loan
New conventional
$3,068/mo
Lowest payment- Down payment
- $43,900
- Funds due
- $52,667
- Interest + MI left
- $599,196
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $416,111 | $395,100 |
| Second mortgage | — | — |
| First P&I | $2,790.02 | $2,735.59 |
| Second P&I | — | — |
| Mortgage insurance | $197.97 | $79.02 |
| Taxes, insurance & HOA | $253.50 | $253.50 |
| Total housing payment | $3,241.49 | $3,068.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,889
Closing costs & prepaids$11,002
Usable credit−$0
Total buyer cash needed$33,891
Earnest money paid−$0
Remaining funds due$33,891
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$310.50
Prepaid interest, first (1 days)$76.50
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 6.710%
Interest already paid$90,201Through Nov 2026
Assumption only · ends Sep 2053$524,373
New conventional · ends Dec 2056$599,196