Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,342/mo
+$106/mo- Down payment
- $20,149
- Funds due
- $31,972
- Interest + MI left
- $471,983
- First ends
- Dec 2053
New loan
New conventional
$3,237/mo
Lowest payment- Down payment
- $40,400
- Funds due
- $50,024
- Interest + MI left
- $551,424
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $383,851 | $363,600 |
| Second mortgage | — | — |
| First P&I | $2,513.51 | $2,517.49 |
| Second P&I | — | — |
| Mortgage insurance | $182.26 | $72.72 |
| Taxes, insurance & HOA | $646.50 | $646.50 |
| Total housing payment | $3,342.27 | $3,236.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,149
Closing costs & prepaids$11,823
Usable credit−$0
Total buyer cash needed$31,972
Earnest money paid−$0
Remaining funds due$31,972
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,040.00
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)$1,374.50
Initial HOA (3 months)$114.99
Prepaid interest, first (1 days)$68.36
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 6.500%
Interest already paid$74,160Through Nov 2026
Assumption only · ends Dec 2053$471,983
New conventional · ends Dec 2056$551,424