Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,027/mo
+$223/mo- Down payment
- $23,345
- Funds due
- $36,513
- Interest + MI left
- $580,742
- First ends
- Oct 2053
New loan
New conventional
$3,804/mo
Lowest payment- Down payment
- $47,500
- Funds due
- $58,398
- Interest + MI left
- $648,333
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $451,655 | $427,500 |
| Second mortgage | — | — |
| First P&I | $3,054.12 | $2,959.92 |
| Second P&I | — | — |
| Mortgage insurance | $214.50 | $85.50 |
| Taxes, insurance & HOA | $758.17 | $758.17 |
| Total housing payment | $4,026.79 | $3,803.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,345
Closing costs & prepaids$13,168
Usable credit−$0
Total buyer cash needed$36,513
Earnest money paid−$0
Remaining funds due$36,513
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$1,504.50
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$168.54
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 11 moOf the original 30-year loan at 6.810%
Interest already paid$96,658Through Nov 2026
Assumption only · ends Oct 2053$580,742
New conventional · ends Dec 2056$648,333