Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,116/mo
+$239/mo- Down payment
- $38,524
- Funds due
- $49,223
- Interest + MI left
- $541,921
- First ends
- Dec 2053
New loan
New conventional
$2,877/mo
Lowest payment- Down payment
- $40,990
- Funds due
- $49,477
- Interest + MI left
- $559,477
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $371,376 | $368,910 |
| Second mortgage | — | — |
| First P&I | $2,691.41 | $2,554.26 |
| Second P&I | — | — |
| Mortgage insurance | $175.22 | $73.78 |
| Taxes, insurance & HOA | $249.42 | $249.42 |
| Total housing payment | $3,116.05 | $2,877.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,524
Closing costs & prepaids$10,699
Usable credit−$0
Total buyer cash needed$49,223
Earnest money paid−$0
Remaining funds due$49,223
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,099.00
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)$91.25
Initial HOA (3 months)$207.00
Prepaid interest, first (1 days)$77.02
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 7.570%
Interest already paid$83,281Through Nov 2026
Assumption only · ends Dec 2053$541,921
New conventional · ends Dec 2056$559,477