Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,929/mo
+$241/mo- Down payment
- $15,383
- Funds due
- $26,029
- Interest + MI left
- $463,803
- First ends
- Nov 2053
New loan
New conventional
$2,687/mo
Lowest payment- Down payment
- $36,000
- Funds due
- $44,484
- Interest + MI left
- $491,368
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $344,617 | $324,000 |
| Second mortgage | — | — |
| First P&I | $2,386.07 | $2,243.31 |
| Second P&I | — | — |
| Mortgage insurance | $163.22 | $64.80 |
| Taxes, insurance & HOA | $379.25 | $379.25 |
| Total housing payment | $2,928.55 | $2,687.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,383
Closing costs & prepaids$10,646
Usable credit−$0
Total buyer cash needed$26,029
Earnest money paid−$0
Remaining funds due$26,029
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$342.75
Initial HOA (3 months)$345.00
Prepaid interest, first (2 days)$133.50
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 7.070%
Interest already paid$74,391Through Nov 2026
Assumption only · ends Nov 2053$463,803
New conventional · ends Dec 2056$491,368