Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,325/mo
+$342/mo- Down payment
- $14,203
- Funds due
- $25,644
- Interest + MI left
- $468,483
- First ends
- Jan 2053
New loan
New conventional
$2,983/mo
Lowest payment- Down payment
- $37,000
- Funds due
- $46,271
- Interest + MI left
- $505,017
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $355,797 | $333,000 |
| Second mortgage | — | — |
| First P&I | $2,450.82 | $2,305.62 |
| Second P&I | — | — |
| Mortgage insurance | $263.59 | $66.60 |
| Taxes, insurance & HOA | $610.33 | $610.33 |
| Total housing payment | $3,324.74 | $2,982.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,203
Closing costs & prepaids$11,441
Usable credit−$0
Total buyer cash needed$25,644
Earnest money paid−$0
Remaining funds due$25,644
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$1,057.00
Initial HOA (3 months)$324.00
Prepaid interest, first (2 days)$134.52
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 2 moOf the original 30-year loan at 6.900%
Interest already paid$96,409Through Nov 2026
Assumption only · ends Jan 2053$468,483
New conventional · ends Dec 2056$505,017