Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,536/mo
+$142/mo- Down payment
- $43,961
- Funds due
- $56,017
- Interest + MI left
- $559,902
- First ends
- Sep 2053
New loan
New conventional
$3,394/mo
Lowest payment- Down payment
- $46,170
- Funds due
- $55,971
- Interest + MI left
- $630,179
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $417,739 | $415,530 |
| Second mortgage | — | — |
| First P&I | $2,903.82 | $2,877.05 |
| Second P&I | — | — |
| Mortgage insurance | $198.24 | $83.11 |
| Taxes, insurance & HOA | $434.08 | $434.08 |
| Total housing payment | $3,536.14 | $3,394.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,961
Closing costs & prepaids$12,057
Usable credit−$0
Total buyer cash needed$56,017
Earnest money paid−$0
Remaining funds due$56,017
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,617.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$532.25
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$162.29
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 7.090%
Interest already paid$95,555Through Nov 2026
Assumption only · ends Sep 2053$559,902
New conventional · ends Dec 2056$630,179