Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,927/mo
+$166/mo- Down payment
- $14,786
- Funds due
- $25,644
- Interest + MI left
- $433,586
- First ends
- Sep 2053
New loan
New conventional
$2,760/mo
Lowest payment- Down payment
- $36,000
- Funds due
- $44,703
- Interest + MI left
- $491,368
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $345,214 | $324,000 |
| Second mortgage | — | — |
| First P&I | $2,310.22 | $2,243.31 |
| Second P&I | — | — |
| Mortgage insurance | $164.26 | $64.80 |
| Taxes, insurance & HOA | $452.25 | $452.25 |
| Total housing payment | $2,926.73 | $2,760.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,786
Closing costs & prepaids$10,858
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%)$3,600.00
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)$285.75
Initial HOA (3 months)$621.00
Prepaid interest, first (2 days)$126.55
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 6.690%
Interest already paid$74,615Through Nov 2026
Assumption only · ends Sep 2053$433,586
New conventional · ends Dec 2056$491,368