Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,445/mo
+$469/mo- Down payment
- $13,116
- Funds due
- $24,378
- Interest + MI left
- $566,950
- First ends
- Nov 2053
New loan
New conventional
$2,976/mo
Lowest payment- Down payment
- $39,000
- Funds due
- $48,053
- Interest + MI left
- $532,315
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $376,884 | $351,000 |
| Second mortgage | — | — |
| First P&I | $2,791.91 | $2,430.25 |
| Second P&I | — | — |
| Mortgage insurance | $177.76 | $70.20 |
| Taxes, insurance & HOA | $475.33 | $475.33 |
| Total housing payment | $3,445.00 | $2,975.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,116
Closing costs & prepaids$11,262
Usable credit−$0
Total buyer cash needed$24,378
Earnest money paid−$0
Remaining funds due$24,378
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$652.00
Initial HOA (3 months)$324.00
Prepaid interest, first (2 days)$161.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 yrOf the original 30-year loan at 7.800%
Interest already paid$89,557Through Nov 2026
Assumption only · ends Nov 2053$566,950
New conventional · ends Dec 2056$532,315