Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,639/mo
+$81/mo- Down payment
- $27,366
- Funds due
- $37,836
- Interest + MI left
- $394,123
- First ends
- Sep 2053
New loan
New conventional
$2,558/mo
Lowest payment- Down payment
- $33,500
- Funds due
- $41,842
- Interest + MI left
- $457,245
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $307,634 | $301,500 |
| Second mortgage | — | — |
| First P&I | $2,082.50 | $2,087.53 |
| Second P&I | — | — |
| Mortgage insurance | $146.26 | $60.30 |
| Taxes, insurance & HOA | $409.83 | $409.83 |
| Total housing payment | $2,638.60 | $2,557.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,366
Closing costs & prepaids$10,469
Usable credit−$0
Total buyer cash needed$37,836
Earnest money paid−$0
Remaining funds due$37,836
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$509.50
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$114.79
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 6.810%
Interest already paid$67,656Through Nov 2026
Assumption only · ends Sep 2053$394,123
New conventional · ends Dec 2056$457,245