Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,823/mo
+$232/mo- Down payment
- $4,481
- Funds due
- $15,015
- Interest + MI left
- $421,153
- First ends
- Aug 2053
New loan
New conventional
$2,591/mo
Lowest payment- Down payment
- $33,990
- Funds due
- $42,385
- Interest + MI left
- $463,933
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $335,419 | $305,910 |
| Second mortgage | — | — |
| First P&I | $2,251.49 | $2,118.06 |
| Second P&I | — | — |
| Mortgage insurance | $159.76 | $61.18 |
| Taxes, insurance & HOA | $412.25 | $412.25 |
| Total housing payment | $2,823.49 | $2,591.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,481
Closing costs & prepaids$10,534
Usable credit−$0
Total buyer cash needed$15,015
Earnest money paid−$0
Remaining funds due$15,015
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$471.75
Initial HOA (3 months)$315.00
Prepaid interest, first (2 days)$123.32
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 6.710%
Interest already paid$74,668Through Nov 2026
Assumption only · ends Aug 2053$421,153
New conventional · ends Dec 2056$463,933