Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,361/mo
+$203/mo- Down payment
- $12,654
- Funds due
- $22,332
- Interest + MI left
- $374,733
- First ends
- Oct 2053
New loan
New conventional
$2,157/mo
Lowest payment- Down payment
- $28,990
- Funds due
- $36,576
- Interest + MI left
- $395,688
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $277,246 | $260,910 |
| Second mortgage | — | — |
| First P&I | $1,930.66 | $1,806.49 |
| Second P&I | — | — |
| Mortgage insurance | $131.41 | $52.18 |
| Taxes, insurance & HOA | $298.58 | $298.58 |
| Total housing payment | $2,360.65 | $2,157.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,654
Closing costs & prepaids$9,678
Usable credit−$0
Total buyer cash needed$22,332
Earnest money paid−$0
Remaining funds due$22,332
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,899.00
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)$33.75
Initial HOA (3 months)$411.99
Prepaid interest, first (2 days)$108.16
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 7.120%
Interest already paid$61,970Through Nov 2026
Assumption only · ends Oct 2053$374,733
New conventional · ends Dec 2056$395,688