Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,362/mo
+$156/mo- Down payment
- $28,762
- Funds due
- $40,243
- Interest + MI left
- $523,220
- First ends
- Aug 2053
New loan
New conventional
$3,205/mo
Lowest payment- Down payment
- $44,000
- Funds due
- $53,249
- Interest + MI left
- $600,561
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $411,238 | $396,000 |
| Second mortgage | — | — |
| First P&I | $2,781.59 | $2,741.82 |
| Second P&I | — | — |
| Mortgage insurance | $195.76 | $79.20 |
| Taxes, insurance & HOA | $384.42 | $384.42 |
| Total housing payment | $3,361.77 | $3,205.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,762
Closing costs & prepaids$11,481
Usable credit−$0
Total buyer cash needed$40,243
Earnest money paid−$0
Remaining funds due$40,243
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$358.25
Initial HOA (3 months)$345.00
Prepaid interest, first (2 days)$153.00
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 9 moOf the original 30-year loan at 6.790%
Interest already paid$92,610Through Nov 2026
Assumption only · ends Aug 2053$523,220
New conventional · ends Dec 2056$600,561