Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,067/mo
+$150/mo- Down payment
- $21,630
- Funds due
- $32,600
- Interest + MI left
- $465,243
- First ends
- May 2053
New loan
New conventional
$2,917/mo
Lowest payment- Down payment
- $40,000
- Funds due
- $48,778
- Interest + MI left
- $545,964
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $378,370 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,533.89 | $2,492.57 |
| Second P&I | — | — |
| Mortgage insurance | $180.91 | $72.00 |
| Taxes, insurance & HOA | $352.42 | $352.42 |
| Total housing payment | $3,067.21 | $2,916.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,630
Closing costs & prepaids$10,970
Usable credit−$0
Total buyer cash needed$32,600
Earnest money paid−$0
Remaining funds due$32,600
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$307.25
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$137.87
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$90,086Through Nov 2026
Assumption only · ends May 2053$465,243
New conventional · ends Dec 2056$545,964