Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,999/mo
+$177/mo- Down payment
- $24,920
- Funds due
- $35,901
- Interest + MI left
- $450,623
- First ends
- Oct 2053
New loan
New conventional
$2,822/mo
Lowest payment- Down payment
- $35,990
- Funds due
- $44,813
- Interest + MI left
- $491,231
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $334,980 | $323,910 |
| Second mortgage | — | — |
| First P&I | $2,326.13 | $2,242.69 |
| Second P&I | — | — |
| Mortgage insurance | $158.80 | $64.78 |
| Taxes, insurance & HOA | $514.25 | $514.25 |
| Total housing payment | $2,999.18 | $2,821.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,920
Closing costs & prepaids$10,982
Usable credit−$0
Total buyer cash needed$35,901
Earnest money paid−$0
Remaining funds due$35,901
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$1,005.25
Initial HOA (3 months)$87.51
Prepaid interest, first (1 days)$65.07
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 7.090%
Interest already paid$74,566Through Nov 2026
Assumption only · ends Oct 2053$450,623
New conventional · ends Dec 2056$491,231