Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,011/mo
+$128/mo- Down payment
- $23,077
- Funds due
- $34,015
- Interest + MI left
- $457,743
- First ends
- Oct 2053
New loan
New conventional
$2,884/mo
Lowest payment- Down payment
- $38,500
- Funds due
- $47,256
- Interest + MI left
- $525,491
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $361,923 | $346,500 |
| Second mortgage | — | — |
| First P&I | $2,424.01 | $2,399.10 |
| Second P&I | — | — |
| Mortgage insurance | $172.00 | $69.30 |
| Taxes, insurance & HOA | $415.42 | $415.42 |
| Total housing payment | $3,011.42 | $2,883.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,077
Closing costs & prepaids$10,938
Usable credit−$0
Total buyer cash needed$34,015
Earnest money paid−$0
Remaining funds due$34,015
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$439.25
Initial HOA (3 months)$357.00
Prepaid interest, first (1 days)$66.53
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 6.710%
Interest already paid$76,344Through Nov 2026
Assumption only · ends Oct 2053$457,743
New conventional · ends Dec 2056$525,491