Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,752/mo
+$231/mo- Down payment
- $20,860
- Funds due
- $33,395
- Interest + MI left
- $527,804
- First ends
- Nov 2053
New loan
New conventional
$3,521/mo
Lowest payment- Down payment
- $42,000
- Funds due
- $52,316
- Interest + MI left
- $573,262
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $399,140 | $378,000 |
| Second mortgage | — | — |
| First P&I | $2,734.94 | $2,617.20 |
| Second P&I | — | — |
| Mortgage insurance | $189.18 | $75.60 |
| Taxes, insurance & HOA | $828.00 | $828.00 |
| Total housing payment | $3,752.12 | $3,520.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,860
Closing costs & prepaids$12,535
Usable credit−$0
Total buyer cash needed$33,395
Earnest money paid−$0
Remaining funds due$33,395
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$1,302.00
Initial HOA (3 months)$732.00
Prepaid interest, first (1 days)$76.11
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 yrOf the original 30-year loan at 6.960%
Interest already paid$84,850Through Nov 2026
Assumption only · ends Nov 2053$527,804
New conventional · ends Dec 2056$573,262