Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,864/mo
+$157/mo- Down payment
- $21,914
- Funds due
- $32,417
- Interest + MI left
- $463,002
- First ends
- Oct 2053
New loan
New conventional
$2,707/mo
Lowest payment- Down payment
- $38,200
- Funds due
- $46,526
- Interest + MI left
- $521,396
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $360,086 | $343,800 |
| Second mortgage | — | — |
| First P&I | $2,434.93 | $2,380.40 |
| Second P&I | — | — |
| Mortgage insurance | $171.01 | $68.76 |
| Taxes, insurance & HOA | $257.92 | $257.92 |
| Total housing payment | $2,863.86 | $2,707.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,914
Closing costs & prepaids$10,503
Usable credit−$0
Total buyer cash needed$32,417
Earnest money paid−$0
Remaining funds due$32,417
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,820.00
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)$323.75
Prepaid interest, first (2 days)$134.37
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 6.810%
Interest already paid$77,062Through Nov 2026
Assumption only · ends Oct 2053$463,002
New conventional · ends Dec 2056$521,396