Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,068/mo
+$54/mo- Down payment
- $32,468
- Funds due
- $43,965
- Interest + MI left
- $429,130
- First ends
- Sep 2053
New loan
New conventional
$3,014/mo
Lowest payment- Down payment
- $37,300
- Funds due
- $46,635
- Interest + MI left
- $509,112
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $340,532 | $335,700 |
| Second mortgage | — | — |
| First P&I | $2,283.27 | $2,324.32 |
| Second P&I | — | — |
| Mortgage insurance | $162.01 | $67.14 |
| Taxes, insurance & HOA | $622.34 | $622.34 |
| Total housing payment | $3,067.62 | $3,013.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,468
Closing costs & prepaids$11,497
Usable credit−$0
Total buyer cash needed$43,965
Earnest money paid−$0
Remaining funds due$43,965
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,730.00
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)$1,292.00
Initial HOA (3 months)$125.01
Prepaid interest, first (2 days)$125.20
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 10 moOf the original 30-year loan at 6.710%
Interest already paid$73,818Through Nov 2026
Assumption only · ends Sep 2053$429,130
New conventional · ends Dec 2056$509,112