Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,509/mo
+$171/mo- Down payment
- $18,023
- Funds due
- $28,249
- Interest + MI left
- $371,090
- First ends
- Nov 2053
New loan
New conventional
$2,338/mo
Lowest payment- Down payment
- $28,900
- Funds due
- $37,036
- Interest + MI left
- $394,459
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $270,977 | $260,100 |
| Second mortgage | — | — |
| First P&I | $1,895.73 | $1,800.88 |
| Second P&I | — | — |
| Mortgage insurance | $128.26 | $52.02 |
| Taxes, insurance & HOA | $484.92 | $484.92 |
| Total housing payment | $2,508.91 | $2,337.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,023
Closing costs & prepaids$10,226
Usable credit−$0
Total buyer cash needed$28,249
Earnest money paid−$0
Remaining funds due$28,249
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,890.00
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)$828.75
Initial HOA (3 months)$176.01
Prepaid interest, first (2 days)$106.61
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 closing27 yrOf the original 30-year loan at 7.180%
Interest already paid$59,384Through Nov 2026
Assumption only · ends Nov 2053$371,090
New conventional · ends Dec 2056$394,459