Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,833/mo
+$466/mo- Down payment
- $0
- Funds due
- $12,737
- Interest + MI left
- $481,928
- First ends
- Aug 2053
New loan
New conventional
$3,366/mo
Lowest payment- Down payment
- $35,500
- Funds due
- $46,071
- Interest + MI left
- $484,543
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $378,784 | $319,500 |
| Second mortgage | — | — |
| First P&I | $2,562.07 | $2,212.15 |
| Second P&I | — | — |
| Mortgage insurance | $180.31 | $63.90 |
| Taxes, insurance & HOA | $1,090.42 | $1,090.42 |
| Total housing payment | $3,832.80 | $3,366.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,737
Usable credit−$0
Total buyer cash needed$12,737
Earnest money paid−$0
Remaining funds due$12,737
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$1,921.25
Initial HOA (3 months)$900.00
Prepaid interest, first (2 days)$140.93
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 9 moOf the original 30-year loan at 6.790%
Interest already paid$85,302Through Nov 2026
Assumption only · ends Aug 2053$481,928
New conventional · ends Dec 2056$484,543