Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,462/mo
+$98/mo- Down payment
- $42,007
- Funds due
- $54,036
- Interest + MI left
- $535,629
- First ends
- Sep 2053
New loan
New conventional
$3,364/mo
Lowest payment- Down payment
- $45,400
- Funds due
- $55,185
- Interest + MI left
- $619,669
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $411,993 | $408,600 |
| Second mortgage | — | — |
| First P&I | $2,812.95 | $2,829.06 |
| Second P&I | — | — |
| Mortgage insurance | $195.76 | $81.72 |
| Taxes, insurance & HOA | $452.92 | $452.92 |
| Total housing payment | $3,461.62 | $3,363.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,007
Closing costs & prepaids$12,030
Usable credit−$0
Total buyer cash needed$54,036
Earnest money paid−$0
Remaining funds due$54,036
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,540.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$603.75
Initial HOA (3 months)$255.00
Prepaid interest, first (2 days)$155.77
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 10 moOf the original 30-year loan at 6.900%
Interest already paid$91,775Through Nov 2026
Assumption only · ends Sep 2053$535,629
New conventional · ends Dec 2056$619,669