Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,415/mo
+$220/mo- Down payment
- $14,627
- Funds due
- $26,212
- Interest + MI left
- $504,593
- First ends
- May 2053
New loan
New conventional
$3,195/mo
Lowest payment- Down payment
- $42,500
- Funds due
- $51,866
- Interest + MI left
- $580,087
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $410,373 | $382,500 |
| Second mortgage | — | — |
| First P&I | $2,748.20 | $2,648.35 |
| Second P&I | — | — |
| Mortgage insurance | $196.21 | $76.50 |
| Taxes, insurance & HOA | $470.17 | $470.17 |
| Total housing payment | $3,414.58 | $3,195.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,627
Closing costs & prepaids$11,585
Usable credit−$0
Total buyer cash needed$26,212
Earnest money paid−$0
Remaining funds due$26,212
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$705.50
Initial HOA (3 months)$255.00
Prepaid interest, first (2 days)$149.53
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 6 moOf the original 30-year loan at 6.650%
Interest already paid$97,705Through Nov 2026
Assumption only · ends May 2053$504,593
New conventional · ends Dec 2056$580,087