Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,995/mo
+$57/mo- Down payment
- $23,048
- Funds due
- $32,459
- Interest + MI left
- $292,434
- First ends
- Oct 2053
New loan
New conventional
$1,938/mo
Lowest payment- Down payment
- $24,500
- Funds due
- $31,871
- Interest + MI left
- $334,403
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $221,952 | $220,500 |
| Second mortgage | — | — |
| First P&I | $1,522.44 | $1,526.70 |
| Second P&I | — | — |
| Mortgage insurance | $105.31 | $44.10 |
| Taxes, insurance & HOA | $367.17 | $367.17 |
| Total housing payment | $1,994.91 | $1,937.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,048
Closing costs & prepaids$9,411
Usable credit−$0
Total buyer cash needed$32,459
Earnest money paid−$0
Remaining funds due$32,459
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$471.50
Initial HOA (3 months)$180.00
Prepaid interest, first (2 days)$84.65
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 11 moOf the original 30-year loan at 6.960%
Interest already paid$48,521Through Nov 2026
Assumption only · ends Oct 2053$292,434
New conventional · ends Dec 2056$334,403