Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,401/mo
+$159/mo- Down payment
- $11,122
- Funds due
- $20,997
- Interest + MI left
- $358,584
- First ends
- Oct 2053
New loan
New conventional
$2,242/mo
Lowest payment- Down payment
- $29,000
- Funds due
- $36,786
- Interest + MI left
- $395,824
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $278,878 | $261,000 |
| Second mortgage | — | — |
| First P&I | $1,885.79 | $1,807.11 |
| Second P&I | — | — |
| Mortgage insurance | $132.44 | $52.20 |
| Taxes, insurance & HOA | $382.83 | $382.83 |
| Total housing payment | $2,401.07 | $2,242.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,122
Closing costs & prepaids$9,876
Usable credit−$0
Total buyer cash needed$20,997
Earnest money paid−$0
Remaining funds due$20,997
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$530.50
Initial HOA (3 months)$168.00
Prepaid interest, first (1 days)$52.03
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 6.810%
Interest already paid$59,683Through Nov 2026
Assumption only · ends Oct 2053$358,584
New conventional · ends Dec 2056$395,824