Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,189/mo
+$364/mo- Down payment
- $12,135
- Funds due
- $25,496
- Interest + MI left
- $575,220
- First ends
- Dec 2053
New loan
New conventional
$3,825/mo
Lowest payment- Down payment
- $43,000
- Funds due
- $54,127
- Interest + MI left
- $586,912
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $417,865 | $387,000 |
| Second mortgage | — | — |
| First P&I | $2,923.16 | $2,679.51 |
| Second P&I | — | — |
| Mortgage insurance | $197.58 | $77.40 |
| Taxes, insurance & HOA | $1,068.00 | $1,068.00 |
| Total housing payment | $4,188.73 | $3,824.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,135
Closing costs & prepaids$13,361
Usable credit−$0
Total buyer cash needed$25,496
Earnest money paid−$0
Remaining funds due$25,496
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$2,178.00
Initial HOA (3 months)$576.00
Prepaid interest, first (1 days)$82.31
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 7.190%
Interest already paid$89,102Through Nov 2026
Assumption only · ends Dec 2053$575,220
New conventional · ends Dec 2056$586,912