Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,647/mo
+$179/mo- Down payment
- $21,417
- Funds due
- $31,669
- Interest + MI left
- $416,953
- First ends
- Oct 2053
New loan
New conventional
$2,468/mo
Lowest payment- Down payment
- $32,990
- Funds due
- $41,112
- Interest + MI left
- $450,284
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $308,483 | $296,910 |
| Second mortgage | — | — |
| First P&I | $2,148.18 | $2,055.74 |
| Second P&I | — | — |
| Mortgage insurance | $146.21 | $59.38 |
| Taxes, insurance & HOA | $352.42 | $352.42 |
| Total housing payment | $2,646.81 | $2,467.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,417
Closing costs & prepaids$10,252
Usable credit−$0
Total buyer cash needed$31,669
Earnest money paid−$0
Remaining funds due$31,669
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$368.25
Initial HOA (3 months)$239.01
Prepaid interest, first (2 days)$120.35
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 closing26 yr 11 moOf the original 30-year loan at 7.120%
Interest already paid$68,952Through Nov 2026
Assumption only · ends Oct 2053$416,953
New conventional · ends Dec 2056$450,284