Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,861/mo
+$340/mo- Down payment
- $23,249
- Funds due
- $35,814
- Interest + MI left
- $528,991
- First ends
- Jan 2053
New loan
New conventional
$3,521/mo
Lowest payment- Down payment
- $42,500
- Funds due
- $52,843
- Interest + MI left
- $580,087
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $401,751 | $382,500 |
| Second mortgage | — | — |
| First P&I | $2,767.36 | $2,648.35 |
| Second P&I | — | — |
| Mortgage insurance | $297.63 | $76.50 |
| Taxes, insurance & HOA | $795.92 | $795.92 |
| Total housing payment | $3,860.91 | $3,520.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,249
Closing costs & prepaids$12,565
Usable credit−$0
Total buyer cash needed$35,814
Earnest money paid−$0
Remaining funds due$35,814
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$1,892.75
Initial HOA (3 months)$45.00
Prepaid interest, first (2 days)$151.89
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 2 moOf the original 30-year loan at 6.900%
Interest already paid$108,861Through Nov 2026
Assumption only · ends Jan 2053$528,991
New conventional · ends Dec 2056$580,087