Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,832/mo
+$167/mo- Down payment
- $25,840
- Funds due
- $36,539
- Interest + MI left
- $431,763
- First ends
- Dec 2053
New loan
New conventional
$2,664/mo
Lowest payment- Down payment
- $33,900
- Funds due
- $42,460
- Interest + MI left
- $462,705
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $313,160 | $305,100 |
| Second mortgage | — | — |
| First P&I | $2,192.76 | $2,112.45 |
| Second P&I | — | — |
| Mortgage insurance | $148.06 | $61.02 |
| Taxes, insurance & HOA | $490.75 | $490.75 |
| Total housing payment | $2,831.57 | $2,664.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,840
Closing costs & prepaids$10,699
Usable credit−$0
Total buyer cash needed$36,539
Earnest money paid−$0
Remaining funds due$36,539
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$1,022.25
Prepaid interest, first (1 days)$61.77
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 closing27 yr 1 moOf the original 30-year loan at 7.200%
Interest already paid$66,867Through Nov 2026
Assumption only · ends Dec 2053$431,763
New conventional · ends Dec 2056$462,705