Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,713/mo
+$194/mo- Down payment
- $21,409
- Funds due
- $31,674
- Interest + MI left
- $408,291
- First ends
- Feb 2053
New loan
New conventional
$2,519/mo
Lowest payment- Down payment
- $34,490
- Funds due
- $42,618
- Interest + MI left
- $470,758
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $323,491 | $310,410 |
| Second mortgage | — | — |
| First P&I | $2,165.70 | $2,149.22 |
| Second P&I | — | — |
| Mortgage insurance | $239.95 | $62.08 |
| Taxes, insurance & HOA | $307.83 | $307.83 |
| Total housing payment | $2,713.48 | $2,519.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,409
Closing costs & prepaids$10,265
Usable credit−$0
Total buyer cash needed$31,674
Earnest money paid−$0
Remaining funds due$31,674
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,449.00
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)$173.50
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$117.17
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 3 moOf the original 30-year loan at 6.610%
Interest already paid$82,196Through Nov 2026
Assumption only · ends Feb 2053$408,291
New conventional · ends Dec 2056$470,758