Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,521/mo
+$154/mo- Down payment
- $17,320
- Funds due
- $29,559
- Interest + MI left
- $467,738
- First ends
- Apr 2053
New loan
New conventional
$3,367/mo
Lowest payment- Down payment
- $40,889
- Funds due
- $50,929
- Interest + MI left
- $558,095
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $391,568 | $367,999 |
| Second mortgage | — | — |
| First P&I | $2,587.91 | $2,547.95 |
| Second P&I | — | — |
| Mortgage insurance | $187.66 | $73.60 |
| Taxes, insurance & HOA | $745.42 | $745.42 |
| Total housing payment | $3,520.99 | $3,366.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,320
Closing costs & prepaids$12,240
Usable credit−$0
Total buyer cash needed$29,559
Earnest money paid−$0
Remaining funds due$29,559
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,088.88
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)$1,753.25
Initial HOA (3 months)$33.00
Prepaid interest, first (2 days)$139.46
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 5 moOf the original 30-year loan at 6.500%
Interest already paid$93,412Through Nov 2026
Assumption only · ends Apr 2053$467,738
New conventional · ends Dec 2056$558,095