Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,318/mo
+$119/mo- Down payment
- $25,232
- Funds due
- $35,499
- Interest + MI left
- $287,738
- First ends
- Feb 2053
New loan
New conventional
$2,199/mo
Lowest payment- Down payment
- $23,700
- Funds due
- $31,934
- Interest + MI left
- $323,484
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $211,768 | $213,300 |
| Second mortgage | — | — |
| First P&I | $1,481.70 | $1,476.85 |
| Second P&I | — | — |
| Mortgage insurance | $156.49 | $42.66 |
| Taxes, insurance & HOA | $679.92 | $679.92 |
| Total housing payment | $2,318.11 | $2,199.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,232
Closing costs & prepaids$10,267
Usable credit−$0
Total buyer cash needed$35,499
Earnest money paid−$0
Remaining funds due$35,499
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,370.00
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)$794.75
Initial HOA (3 months)$795.00
Prepaid interest, first (2 days)$82.15
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 3 moOf the original 30-year loan at 7.080%
Interest already paid$57,520Through Nov 2026
Assumption only · ends Feb 2053$287,738
New conventional · ends Dec 2056$323,484