Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,111/mo
+$243/mo- Down payment
- $23,344
- Funds due
- $34,193
- Interest + MI left
- $501,058
- First ends
- Oct 2053
New loan
New conventional
$2,868/mo
Lowest payment- Down payment
- $38,999
- Funds due
- $47,657
- Interest + MI left
- $532,301
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $366,646 | $350,991 |
| Second mortgage | — | — |
| First P&I | $2,570.03 | $2,430.19 |
| Second P&I | — | — |
| Mortgage insurance | $173.71 | $70.20 |
| Taxes, insurance & HOA | $367.25 | $367.25 |
| Total housing payment | $3,110.99 | $2,867.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,344
Closing costs & prepaids$10,849
Usable credit−$0
Total buyer cash needed$34,193
Earnest money paid−$0
Remaining funds due$34,193
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.90
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)$306.75
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$72.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 11 moOf the original 30-year loan at 7.190%
Interest already paid$82,739Through Nov 2026
Assumption only · ends Oct 2053$501,058
New conventional · ends Dec 2056$532,301