Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,168/mo
+$242/mo- Down payment
- $23,776
- Funds due
- $34,754
- Interest + MI left
- $511,818
- First ends
- Dec 2053
New loan
New conventional
$2,926/mo
Lowest payment- Down payment
- $39,500
- Funds due
- $48,283
- Interest + MI left
- $539,140
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $371,224 | $355,500 |
| Second mortgage | — | — |
| First P&I | $2,599.32 | $2,461.41 |
| Second P&I | — | — |
| Mortgage insurance | $175.51 | $71.10 |
| Taxes, insurance & HOA | $393.50 | $393.50 |
| Total housing payment | $3,168.34 | $2,926.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,776
Closing costs & prepaids$10,979
Usable credit−$0
Total buyer cash needed$34,754
Earnest money paid−$0
Remaining funds due$34,754
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$370.50
Initial HOA (3 months)$360.00
Prepaid interest, first (1 days)$73.23
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$79,265Through Nov 2026
Assumption only · ends Dec 2053$511,818
New conventional · ends Dec 2056$539,140