Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,135/mo
+$300/mo- Down payment
- $17,345
- Funds due
- $28,226
- Interest + MI left
- $512,658
- First ends
- Dec 2053
New loan
New conventional
$2,835/mo
Lowest payment- Down payment
- $38,400
- Funds due
- $47,091
- Interest + MI left
- $524,126
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $366,655 | $345,600 |
| Second mortgage | — | — |
| First P&I | $2,589.07 | $2,392.86 |
| Second P&I | — | — |
| Mortgage insurance | $173.26 | $69.12 |
| Taxes, insurance & HOA | $373.17 | $373.17 |
| Total housing payment | $3,135.50 | $2,835.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,345
Closing costs & prepaids$10,881
Usable credit−$0
Total buyer cash needed$28,226
Earnest money paid−$0
Remaining funds due$28,226
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,840.00
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)$384.50
Initial HOA (3 months)$285.00
Prepaid interest, first (2 days)$146.46
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 closing27 yr 1 moOf the original 30-year loan at 7.290%
Interest already paid$79,246Through Nov 2026
Assumption only · ends Dec 2053$512,658
New conventional · ends Dec 2056$524,126