Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,584/mo
+$348/mo- Down payment
- $15,251
- Funds due
- $27,601
- Interest + MI left
- $493,241
- First ends
- Nov 2053
New loan
New conventional
$3,236/mo
Lowest payment- Down payment
- $35,450
- Funds due
- $45,634
- Interest + MI left
- $483,861
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $339,249 | $319,050 |
| Second mortgage | — | — |
| First P&I | $2,460.89 | $2,209.04 |
| Second P&I | — | — |
| Mortgage insurance | $160.21 | $63.81 |
| Taxes, insurance & HOA | $963.00 | $963.00 |
| Total housing payment | $3,584.10 | $3,235.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,251
Closing costs & prepaids$12,350
Usable credit−$0
Total buyer cash needed$27,601
Earnest money paid−$0
Remaining funds due$27,601
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,545.00
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)$1,539.00
Initial HOA (3 months)$900.00
Prepaid interest, first (2 days)$140.72
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 7.570%
Interest already paid$78,290Through Nov 2026
Assumption only · ends Nov 2053$493,241
New conventional · ends Dec 2056$483,861