Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,854/mo
+$50/mo- Down payment
- $30,431
- Funds due
- $41,354
- Interest + MI left
- $412,433
- First ends
- Sep 2053
New loan
New conventional
$2,804/mo
Lowest payment- Down payment
- $35,990
- Funds due
- $44,759
- Interest + MI left
- $491,231
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $329,469 | $323,910 |
| Second mortgage | — | — |
| First P&I | $2,200.62 | $2,242.69 |
| Second P&I | — | — |
| Mortgage insurance | $156.79 | $64.78 |
| Taxes, insurance & HOA | $496.42 | $496.42 |
| Total housing payment | $2,853.83 | $2,803.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,431
Closing costs & prepaids$10,923
Usable credit−$0
Total buyer cash needed$41,354
Earnest money paid−$0
Remaining funds due$41,354
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$844.25
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$60.21
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 closing26 yr 10 moOf the original 30-year loan at 6.670%
Interest already paid$71,004Through Nov 2026
Assumption only · ends Sep 2053$412,433
New conventional · ends Dec 2056$491,231