Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,907/mo
Lowest payment- Down payment
- $20,632
- Funds due
- $30,343
- Interest + MI left
- $207,851
- First ends
- Mar 2053
New loan
New conventional
$2,046/mo
+$139/mo- Down payment
- $24,500
- Funds due
- $32,195
- Interest + MI left
- $334,403
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $224,368 | $220,500 |
| Second mortgage | — | — |
| First P&I | $1,262.62 | $1,526.70 |
| Second P&I | — | — |
| Mortgage insurance | $168.90 | $44.10 |
| Taxes, insurance & HOA | $475.08 | $475.08 |
| Total housing payment | $1,906.61 | $2,045.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,632
Closing costs & prepaids$9,710
Usable credit−$0
Total buyer cash needed$30,343
Earnest money paid−$0
Remaining funds due$30,343
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$174.25
Initial HOA (3 months)$801.00
Prepaid interest, first (2 days)$60.00
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 4 moOf the original 30-year loan at 4.880%
Interest already paid$41,473Through Nov 2026
Assumption only · ends Mar 2053$207,851
New conventional · ends Dec 2056$334,403