Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,555/mo
+$322/mo- Down payment
- $0
- Funds due
- $12,117
- Interest + MI left
- $491,236
- First ends
- Nov 2053
New loan
New conventional
$3,233/mo
Lowest payment- Down payment
- $37,900
- Funds due
- $47,834
- Interest + MI left
- $517,301
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $380,662 | $341,100 |
| Second mortgage | — | — |
| First P&I | $2,571.28 | $2,361.71 |
| Second P&I | — | — |
| Mortgage insurance | $180.59 | $68.22 |
| Taxes, insurance & HOA | $803.33 | $803.33 |
| Total housing payment | $3,555.20 | $3,233.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,117
Usable credit−$0
Total buyer cash needed$12,117
Earnest money paid−$0
Remaining funds due$12,117
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$1,920.00
Initial HOA (3 months)$39.99
Prepaid interest, first (2 days)$142.04
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 closing27 yrOf the original 30-year loan at 6.810%
Interest already paid$79,217Through Nov 2026
Assumption only · ends Nov 2053$491,236
New conventional · ends Dec 2056$517,301