Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,201/mo
+$35/mo- Down payment
- $38,196
- Funds due
- $49,641
- Interest + MI left
- $492,378
- First ends
- Nov 2053
New loan
New conventional
$3,166/mo
Lowest payment- Down payment
- $43,000
- Funds due
- $52,230
- 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 | $391,804 | $387,000 |
| Second mortgage | — | — |
| First P&I | $2,606.13 | $2,679.51 |
| Second P&I | — | — |
| Mortgage insurance | $186.07 | $77.40 |
| Taxes, insurance & HOA | $409.25 | $409.25 |
| Total housing payment | $3,201.45 | $3,166.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,196
Closing costs & prepaids$11,446
Usable credit−$0
Total buyer cash needed$49,641
Earnest money paid−$0
Remaining funds due$49,641
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)$360.75
Initial HOA (3 months)$417.00
Prepaid interest, first (2 days)$142.77
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 6.650%
Interest already paid$79,663Through Nov 2026
Assumption only · ends Nov 2053$492,378
New conventional · ends Dec 2056$586,912